OPNX Shutdown Due to FTX Estate 'Recovery', Reveals Founder Su Zhu

Jonathan Stoker Feb 02, 2024, 12:20pm 100 views

OPNX Shutdown Due to FTX Estate 'Recovery', Reveals Founder Su Zhu

OPNX Exchange Closes as FTX Crypto Exchange Reaches Recovery

OPNXOPNX, a platform for the trade of bankruptcy claims established by the founders of the unsuccessful Three Arrows Capital cryptocurrency hedge fund, is shutting down. This decision is due to the bankruptcy process of the failed crypto exchange FTXFTX$3.28 -5.38% progressing to recovery, as stated by co-founder Su Zhu.

FTX Plans to Fully Repay Customers

Earlier this week, FTX announced its intention to fully compensate its customers. However, the repayment will utilize market rates from a date shortly following the cryptocurrency crash it instigated. In the months after its downfall, FTX bankruptcy claims were trading on some platforms for as low as 13 cents on the dollar.

Future Focus: Ox.Fun

Zhu voiced that the FTX recovery signifies the conclusion of cryptocurrency claims estates. He further stated that the Ox community will now prioritize Ox.Fun, and extended congratulations to FTX estate holders for their complete recovery. This statement was disseminated by co-founder Kyle Davies via Telegram. Davies further indicated that both he and Zhu are advising Ox.Fun, a new derivatives exchange that revolves around the Ox token.

Challenges Faced by OPNX

OPNX encountered difficulties in securing a strong market presence, with trading volume reaching its highest at $624,093, as per data from CoinGecko. Following a highly publicized launch, trades worth less than two dollars were executed within the first 24 hours, as reported by an unnamed source.

Allegations Against OPNX CEO

OPNX's CEO, Mark Lamb, is confronting legal issues in Hong Kong. Creditors of the floundering Seychelles-based crypto exchange CoinFLEX allege that the shift from CoinFLEX to OPNX was not authorized. Lamb has not responded to a request for comment that was sent via Telegram.

Edited by Jonathan Stoker

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