Users of leading cryptocurrency exchange OPNX have been warned that they must finalize all positions within the platform within the next five days as the exchange plans to officially cease all operations.
In a letter to users, the exchange emphasized the importance of exporting trading history for personal records ahead of the impending closure.
In addition to prompting users to settle trades and export trading history, the exchange stipulated that users must withdraw all funds from the platform within the next 12 days.
“We strongly encourage all users to withdraw funds from OPNX.com by February 14, 2024. After this date, the withdrawal feature will be disabled.”
The exchange was founded in April 2023 in response to various crypto collapses in 2022, especially FTX. This will allow victims of past crypto collapses to leverage claims with now-defunct crypto companies.
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OPNX makes clear on its website the need for a public marketplace to facilitate claims onboarding and transactions.
“Open Exchange is a solution and a home for those affected by the crypto crisis, allowing claimants to immediately release locked claims directly into crypto or use them as margin. can.”
However, the exchange's founders were also co-founders of the now-defunct crypto hedge fund Three Arrows Capital (3AC).
OPNX has ties to defunct cryptocurrency hedge fund
Last month, authorities released Su Zhu from prison, but his co-founder Kyle Davies remains elusive to authorities.
News of Zhu's arrest prompted a fire sale of approximately $1 million worth of OX tokens, OPNX's native token.
In a recent development, the Singapore High Court rejected 3AC's application to dismiss the lawsuit brought by DeFiance Capital.
read more: Top 7 crypto exchanges with the lowest spreads in 2023
Although DeFiance Capital operated within the 3AC platform, it sought autonomy in managing its assets and operations.
Defiance Capital emphasizes that its assets should be treated independently in repayment of creditors and that it is a distinct legal entity.
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