OPNX Exchange: Three Arrows Co-founders’ Shutdown
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OPNX Exchange: Three Arrows Co-founders' Shutdown
OPNX, a bankruptcy claims platform and crypto exchange created by the co-founders of the failed hedge fund Three Arrows Capital (3AC), has announced it will be shutting down by February 14. Users were advised to settle all positions and withdraw their funds by February 7 and 14, respectively. After February 14, all withdrawal functionality will be disabled. OPNX, which stands for Open Exchange, allows users to trade creditor claims of bankrupt cryptocurrency companies.
The announcement of OPNX’s closure caused a significant drop in the price of its native token, OX. Within an hour, the price plummeted 38%, falling from $0.01 to $0.006. The co-founders of OPNX, Su Zhu and Kyle Davies, established the platform after the bankruptcy of their $10 billion Singapore-based crypto hedge fund Three Arrows Capital, which collapsed in June 2022. Following the fund’s collapse, Zhu and Davies disappeared, leading the firm in charge of liquidating 3AC’s assets, Teneo, to subpoena them via X messages to find out their whereabouts.
The shutdown of OPNX adds to the troubles faced by Zhu and Davies. Teneo is currently attempting to recover $1.3 billion directly from the founders, alleging that they used investor funds to take on substantial leverage after the hedge fund became insolvent. In September 2023, the central bank of Singapore issued nine-year prohibition orders against Davies and Zhu for alleged violations of the country’s securities laws at 3AC.
It’s astonishing how they managed to disappear after the collapse of their hedge fund. What a lack of accountability! 😡😡
The price drop of OX just shows how volatile the crypto market can be. Hold on tight, folks!
I hope OPNX users manage to withdraw their funds in time and face no issues. It can be nerve-wracking when platforms shut down suddenly.
Undoubtedly, the closure of OPNX has caused a lot of uncertainty and worry for its users. I hope they find alternative platforms to trade creditor claims. 🔄
The central bank’s prohibition orders against Davies and Zhu only reinforce their shady reputation. It’s a shame they continue to cause trouble. 🚫😔
Another day, another crypto platform shutting down. It’s never a good sign for the industry as a whole.
With so many failures and legal issues, it’s hard to believe that anyone would trust anything associated with these co-founders ever again.
Su Zhu and Kyle Davies must be feeling the weight of their actions right now. It’s important to be responsible when handling investor funds.
It’s no wonder that authorities are trying to recover funds from these co-founders. They clearly have a track record of misusing investor money.