OPNX, the cryptocurrency exchange and debt trading platform founded by the founders of Three Arrows Capital, will cease operations and close down this month.
OPNX.com has announced that it will officially cease operations and close in February 2024.
Photo by Erwan Hesry on Unsplash
Posted on February 1, 2024 at 11:38 PM ET.
In April 2023, Su Zu and Kyle Davis, co-founders of failed crypto hedge fund Three Arrows Capital (3AC), launched a new venture called OPNX. Less than a year later, the venture, which aimed to facilitate transactions in bankruptcy debt and cryptocurrencies, was officially shut down.
“OPNX.com has officially ceased operations and will be closed in February 2024. Close all positions by 8:00 a.m. UTC on February 7th and remove all funds from your account by February 14th. ,” says a notice on the company's website.
Users were also sent an email asking them to close their positions by February 14th and to export all trading data to maintain their trading history.
“We are deeply grateful to each member of the OPNX community for their dedication and trust. As we close this chapter, we will cherish this experience and look forward with gratitude.” ” the OPNX team said in an email.
OPNX will shut down pic.twitter.com/BIRBX3uiBV
— Cole (@cole0x) February 1, 2024
Chu and Davis founded OPNX with Mark Lam and Sudhu Arumugam, founders of CoinFLEX, a cryptocurrency derivatives trading platform that suspended withdrawals shortly after 3AC collapsed.
After rebranding from the controversial name “GTX”, nurture Davis, who has raised $25 million from investors, first presented his business plan for the new exchange to DeFi researcher Ignace in March last year. OPNX enables permanent trading of major assets using bankruptcy claims as collateral.
The exchange got off to an incredibly slow start, with less than $2 in trading volume within the first 24 hours, and Davis announced at the X Spaces event that the 3AC bond, which was also an early OPNX supporter, The company sparked a controversy after it was pointed out that there was a possibility that the company could make future deals. Participate in the “Shadow Recovery Program.”
OPNX was also targeted by the United Arab Emirates (UAE) regulator, Dubai's Virtual Assets Regulatory Authority (VARA). Kiyosumi The company was fined $2.7 million in August for violating market rules.
