OPNX, a hybrid bankruptcy claims platform and crypto exchange founded by the co-founders of failed hedge fund Three Arrows Capital (3AC), has announced its official closure. In an email to exchange users, OPNX strongly advised users to settle all positions by February 7 and withdraw their funds by February 14, after which withdrawal functionality will be disabled.
“We would like to inform you that OPNX.com will officially cease operations and shut down in February 2024,” the email stated. The news caused the price of OPNX’s native OX token to drop by 38%, dropping from $0.011 to $0.0068, according to CoinMarketCap data. However, prices have since recovered slightly to trade at $0.0095.
OPNX, short for Open Exchange, allowed users to trade creditor claims of bankrupt crypto companies. The platform was launched by Su Zhu and Kyle Davies, the co-founders of 3AC, which collapsed in June 2022, leaving behind billions of dollars in debt.
Following the collapse of their hedge fund, Zhu and Davies disappeared, prompting Teneo, the firm liquidating 3AC’s assets, to subpoena them via messages on X. Teneo is currently seeking to recover $1.3 billion directly from the founders, alleging that they took on excessive leverage with investor funds after 3AC became insolvent. Zhu was apprehended in Singapore’s Changi Airport in September 2023, and has recently completed his sentence in prison.