Three Arrows co-founders are closing the OPNX exchange.
Crypto bankruptcy claims platform OPNX – started by the founders of failed hedge fund Three Arrows Capital – has announced that it will officially cease all operations and shut down on February 14.
In an email to exchange users, seen by Cointelegraph, OPNX “strongly advises” its users to settle all positions by February 7th and withdraw their funds from the platform by February 14th.
“We would like to inform you that OPNX.com will officially cease operations and close in February 2024.”
OPNX, short for Open Exchange, is a hybrid bankruptcy claims platform and crypto exchange that allows users to trade creditor claims of bankrupt crypto companies.
OPNX's native OX token plummeted in price following the announcement, falling 38% from $0.01 to $0.006 in less than an hour, according to CoinGecko data.
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Su Zhu and co-founder Kyle Davis co-founded the exchange with $10 billion Singapore-based crypto hedge fund Three Arrows Capital (3AC) – which folded in June 2022 following bankruptcy.
Not long after their hedge fund collapsed, Zhu and Davis disappeared. Teneo, who is responsible for investigating 3AC's assets, is forced to call the couple through messages on X.
Shutting down OPNX only adds to a couple of problems. Teneo is currently seeking $1.3 billion directly from its founders, after claims that Zhou and Davis took large amounts of leverage with investor funds after their hedge fund went bankrupt.
In September 2023, Singapore's central bank issued a nine-year ban on Davies and Zhu over allegations they breached the country's securities laws against 3AC.
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