OPNX exchange urges users to withdraw funds due to closure

The debt token trading platform was launched 9 months ago by the founders of bankrupt fund 3AC

02.02.2024 - 13:10

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What’s new? The OPNX exchange for trading debt tokens has announced its closure 9 months after launch. The exchange’s team advised customers to close positions by February 7 and withdraw funds by February 14. OPNX was launched in April last year by the founders of bankrupt cryptocurrency hedge fund Three Arrows Capital (3AC), Su Zhu and Kyle Davies, along with the founders of crypto exchange CoinFLEX, Mark Lamb and Sudhu Arumugam.

What else is known? OPNX offered spot and futures trading of major cryptocurrencies, including BTC, ETH, DOGE, and USDC stablecoins, as well as trading claims against bankrupt crypto companies, including the FTX exchange and the Celsius lending platform. It used the CoinFLEX (FLEX) exchange token as its native token.

The company announced that it will officially cease operations during February. "We are deeply thankful to each member of the OPNX community for their dedication and trust. As we conclude this chapter, we cherish the experiences shared and look ahead with gratitude,” the statement says.

In August, Dubai authorities threatened OPNX with legal action for failing to pay a $2,7 million fine issued in connection with market rule violations.

In December, the British Virgin Islands court, which had previously ordered the liquidation of 3AC, froze the assets of Zhu, as well as Davies and his wife Kelly Chen, totaling $1,14 billion. 3AC liquidators are seeking repayment from Zhu and Davies of $1,3 billion they raised shortly before the fund collapsed.

The regulator in Singapore, where the fund was previously based, banned Zhu and Davies from running financial companies. Zhu was arrested by local police in September.

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