OPNX Cryptocurrency Exchange to Shut Down Amidst Legal Issues
Singapore-based cryptocurrency exchange OPNX is set to cease operations less than a year after its launch. The exchange was established by the co-founders of the failed crypto hedge fund Three Arrows Capital (3AC), Zhu Su and Kyle Davies, along with Mark Lamb and Leslie Lamb. OPNX aimed to enable creditors of insolvent exchanges to tokenize their claims and use them as collateral.
The Rise and Fall of Three Arrows Capital
Zhu Su and Kyle Davies, former Credit Suisse traders, founded Three Arrows Capital in 2012. However, the firm went bankrupt in 2022 due to the collapse of cryptocurrencies Luna and TerraUSD. In September 2023, both Zhu Su and Kyle Davies were sentenced to four months’ imprisonment for failing to cooperate with investigations into the failure of Three Arrows. They were also banned by the Monetary Authority of Singapore for nine years.
Closure Announcement and OX Token Decline
OPNX users have been notified via email that they need to settle their accounts and make withdrawals before February 14. Following the shutdown announcement on February 1st, the native token of the exchange, OX, experienced a significant decline in value. It recorded a notable drop of 28.8% on Thursday. As of now, OX is trading at $0.00827.
Uncertainty Surrounding OX Token’s Future
The future of the OX token remains uncertain. It has shown signs of recovery since reaching a low of $0.00600 on Thursday but has also experienced substantial price decreases over various time frames. Investors and market participants are awaiting further statements from the exchange to understand the situation’s potential impact on the token’s value and market performance.
Hot Take: OPNX Exchange Shuts Down Amidst Legal Troubles
OPNX, the Singapore-based cryptocurrency exchange founded by the co-founders of failed hedge fund Three Arrows Capital, is closing its doors. The exchange aimed to enable creditors of insolvent exchanges to tokenize their claims and use them as collateral. However, after a relatively short period of operation, OPNX has decided to shut down. This announcement has led to a significant decline in the value of the exchange’s native token, OX. The future of the OX token remains uncertain, leaving investors and market participants waiting for more information from the exchange. The closure marks the end of OPNX’s attempt to revolutionize the trading of bankruptcy claims.
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