The Open Exchange (OPNX) Announces Shutdown
The Open Exchange (OPNX) has sent an email to its users, informing them that it will be shutting down its operations on February 14th. The exchange was launched by the co-founders of the collapsed Three Arrows Capital, and it positioned itself as a solution for those affected by crypto crises.
Closure Scheduled for Valentine’s Day
OPNX has urged its users to settle their positions and withdraw their cash from the platform before February 7th. After February 14th, all withdrawal features will be deactivated.
Founders Facing Legal Troubles
The founders of OPNX, Su Zhu and Kyle Davies, disappeared from public view following the collapse of their hedge fund, Three Arrows Capital. They are now facing subpoenas and legal issues related to the liquidation of the fund’s assets and breaching securities regulations in Singapore.
Reasons for the Shutdown
OPNX was led by CEO Mark Lamb, who is also facing legal action from CoinFlex creditors. Some users speculate that the founders may be focusing on their new derivative exchange as a reason for the closure.
Surprise Closure Despite License Approval
OPNX secured a license to operate in Lithuania in November, making its sudden closure a surprise to its community. The exchange attempted to purchase Hodlnaut before announcing its shutdown but was unsuccessful.
Token Price Plummets
Following the news of OPNX’s closure, the native token OX experienced a significant drop in value, plummeting 38% in less than an hour.
Hot Take: OPNX Shuts Down Amid Legal Troubles and Speculations
The Open Exchange (OPNX) has announced its closure, leaving users shocked and speculating about the reasons behind it. The exchange, founded by the co-founders of collapsed hedge fund Three Arrows Capital, faced legal troubles and subpoenas related to its founders’ mysterious whereabouts and alleged breaches of securities regulations. Despite obtaining a license to operate in Lithuania, OPNX decided to shut down, leading to theories about the founders’ focus on a new derivative exchange. The closure also caused a significant drop in the value of OPNX’s native token, OX. With no formal explanation provided, the community is left wondering about the future of OPNX and its founders.
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