Crypto Exchange Founded by Three Arrows Capital Closes Down
The cryptocurrency exchange created by the founders of the now-defunct hedge fund Three Arrows Capital (3AC) is shutting down just a year after its launch. Open Exchange (OPNX) announced in an email that it will officially cease operations and close in February. The platform advises users to settle their positions before February 7th, download their historical data, and withdraw their funds by February 14th. After February 7th, open positions will be automatically settled, and the withdrawal functionality will be disabled by February 14th. OPNX aims to support trading of bankruptcy claims as creditors of failed crypto firms seek alternative solutions.
Three Arrows Capital Founders Behind OPNX
OPNX was launched by Su Zhu and Kyle Davies, founders of Three Arrows Capital. The Singapore-based hedge fund managed over $10 billion worth of assets but collapsed during the crypto bear market. The goal of OPNX was to become the first crypto exchange supporting trading of bankruptcy claims from failed crypto firms such as FTX, Voyager, Celsius, Genesis, BlockFi, Mt. Gox, and 3AC. Despite its closure, OPNX expressed gratitude to its community members for their trust and dedication.
Hot Take: OPNX Closes Down Unexpectedly
The cryptocurrency exchange Open Exchange (OPNX), founded by the creators of Three Arrows Capital (3AC), is abruptly shutting down after only a year in operation. Users have been informed via email that OPNX will cease operations in February and advised to settle their positions and withdraw funds before specific deadlines. The platform’s aim was to support trading of bankruptcy claims for failed crypto firms. However, after experiencing financial difficulties during the crypto bear market, OPNX has decided to close its doors. The closure comes as a surprise to the crypto community, and OPNX expresses its appreciation to its users for their support.
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