Open Exchange (OPNX) to Shut Down in February
Open Exchange (OPNX), the cryptocurrency derivatives and bankruptcy claims platform founded by Su Zhu and Kyle Davies, will be closing its doors this February. In an email to customers, OPNX provided instructions for settling positions and withdrawing assets before the closure. The reasons behind the shutdown were not disclosed in the announcement.
OPNX’s Troubled Past
OPNX was established by Su Zhu and Kyle Davis, co-founders of the collapsed hedge fund Three Arrows Capital (3AC). The exchange faced controversy early on when it was reprimanded by Dubai’s Virtual Asset Regulatory Authority for illegal promotion. OPNX was later fined $2.7 million for violating market rules.
Following the failure of 3AC and the ban imposed by Singaporean authorities, OPNX’s founders have faced numerous setbacks. The price of OX, OPNX’s native token, plummeted after news of the closure, although it has since experienced a slight recovery.
Hot Take: Closure of OPNX Raises Concerns About Founders’ Track Record
The closure of Open Exchange (OPNX) raises concerns about the track record of its founders, Su Zhu and Kyle Davies. After the collapse of their hedge fund Three Arrows Capital (3AC) and subsequent bans imposed by Singaporean authorities, this latest venture has also ended in failure.
The troubled past of OPNX, including violations of market rules and illegal promotion, has further tarnished the reputation of Zhu and Davies. The significant decline in the price of OX, OPNX’s native token, reflects investor skepticism towards their projects. It remains to be seen what future endeavors they will pursue and whether they can rebuild trust within the crypto community.
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