OPNX Crypto Exchange, From Three Arrows Founders, Faces Shutdown

Jonathan Stoker Feb 01, 2024, 23:20pm 94 views

OPNX Crypto Exchange, From Three Arrows Founders, Faces Shutdown

OPNX Cryptocurrency Exchange Closure Announcement

The cryptocurrency exchange OPNXOPNX, established by the founders of the now-defunct cryptocurrency hedge fund Three Arrows Capital, has declared it will cease operations this month, as indicated on the company's website. It has advised its users to settle their positions by February 7 at 08:00 UTC and to withdraw their funds by February 14.

About OPNX Exchange

The exchange was originally designed for the trading of bankruptcy claims and was launched in the previous year by Kyle Davies and Su Zhu. Davies and Zhu were also co-founders of Three Arrows Capital, otherwise known as 3AC. After 3AC collapsed in 2022, the fallout had significant implications on the overall industry.

In a significant development last year, a court in the British Virgin Islands froze over $1 billion in assets owned by Zhu, Davies, and Davies' spouse, Kelly Chen. Zhu faced additional legal troubles when he was taken into custody in Singapore for not assisting in the liquidation of 3AC.

Edited by Jonathan Stoker

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