OPNX Exchange to Shut Down in February 2024
The founders of Three Arrows Capital, Su Zhu and Kyle Davies, have announced that their crypto exchange, OPNX, will officially cease operations and shut down in February 2024. In an email sent to customers, OPNX stated that all operations will come to a halt on February 14. The exchange has urged customers to settle their positions before February 7, as any remaining open positions will be automatically settled after that deadline.
Doomed From The Start?
The launch of OPNX was led by CoinFLEX CEO Mark Lamb. However, the exchange faced legal challenges when creditors of bankrupt exchange CoinFLEX sued Lamb and early investor Roger Ver for alleged breaches of fiduciary duty and unauthorized use of company assets related to the launch of OPNX.
Three Arrows Capital Collapse
Once influential figures during the bull market, Zhu and Davies saw their reputation suffer following the collapse of Three Arrows Capital. Last year, they raised $25 million for the OPNX exchange but declined to disclose the identities of the investors.
The High Court of Singapore recently rejected a plea from Three Arrows Capital to dismiss DeFiance Capital’s $140 million lawsuit against the fund. This adds to the challenges faced by Zhu and Davies as they prepare to shut down OPNX.
Hot Take: Closure Marks End of a Troubled Journey
The closure of OPNX marks the end of a troubled journey for the founders of Three Arrows Capital. Despite raising significant funds for their exchange, legal disputes and reputational damage ultimately led to its demise. The shutdown serves as a reminder that even influential figures can face significant setbacks in the crypto industry. As Zhu and Davies fade from the spotlight once again, the crypto community reflects on the challenges and risks that come with running a successful exchange.
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