​3AC founders launch the OPNX exchange for trading debt tokens

What’s new? The founders of the bankruptcryptocurrency hedge fund Three Arrows Capital (3AC) Zhu Su and Kyle Davies announced the launch of Open Exchange (OPNX), which allows the trading of claims on bankrupt crypto companies as well as derivatives. The new exchange’s CEO Leslie Lamb announced on Twitter on April 4. The platform’s native token is FLEX from crypto exchange CoinFLEX, whose co-founders, Mark Lamb and Sudhu Arumugam, were also involved in preparing the project.

We are thrilled to announce that https://t.co/Q2HsUqSZ7E is now live! Sign up to trade spot and futures immediately. Claims trading coming very soonA message from our CEO Leslie: pic.twitter.com/VVVX00AzHf — OPNX 💪 (@OPNX_Official) April 4, 2023

Launch details. At launch, OPNX offers spot and futures trading of the main cryptocurrencies: BTC, ETH, DOGE, and USDC stablecoins. Claims trading for bankrupt companies is expected to begin in the coming weeks.

FLEX token holders will be able to receive a 50% discount on OPNX trading fees. FLEX is expected to be periodically burned to increase its value.

Cryptocurrency burning is the process of removing a certain number of tokens from circulation, after which they become permanently inaccessible. Often burning is carried out in order to increase the rate of an asset or prevent it from inflation. Burning can be done by sending tokens to a wallet without a private key, by conducting a hard fork, using special software, or using algorithms that destroy some of the funds during transactions.

The media learned about the plans of the founders of 3AC and CoinFLEX to launch the platform in January. It was originally to be called GTX, a reference to the FTX crypto exchange, which filed for bankruptcy in November 2022. It was also expected that FTX creditors would transfer their rights to the assets to the new exchange.

Meanwhile, CoinFLEX announced a restructuring last September and later demanded that blockchain explorer and crypto wallet service Blockchain.com return 3 million native tokens FLEX worth $4,3 million. Blockchain.com countercharged the company for insolvency.

CoinFLEX crypto platform claims Blockchain.com owes $4,3 million

In response, representatives of the service said that the claim is “completely meritless and a work of fiction”

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In February, it was revealed that the project had raised $25 million. Former BitMEX CEO Arthur Hayes called the event a sign of the beginning of a bull market, as funding was found even though 3AC itself went bankrupt less than a year ago. In addition, the fund’s liquidators had previously repeatedly noted that they could not get in touch with its founders.

Later there was an announcement of a future exchange with the new name Open Exchange. The founders positioned the project as the world’s first public marketplace for crypto claims trading and derivatives.” They also announced plans to make Open Exchange the most transparent centralized exchange (CEX) in the world.