The cryptocurrency derivative trading platform Open Exchange (OPNX), supported by Kyle Davies and Su Zhu, co-founders of Three Arrows Capital, has recently announced its closure, despite being launched not long ago.
The OPNX team has sent a letter to its customers, stating that the platform will officially cease operations and shut down in February 2024. Additionally, the company has mentioned that users should settle all positions by February 7th, after which the platform will automatically settle all open positions. Users must withdraw their funds and export historical data by February 14th.
After the news was released, the platform token of OPNX experienced a drastic plunge of over 65%, but has since recovered to $0.87.
According to previous reports by Zombit, the founder of Three Arrows Capital had previously pledged to donate OPNX’s future earnings to 3AC creditors. Another co-founder of OPNX and former CEO of the closed exchange CoinFLEX, Mark Lamb, had also proposed a debt acquisition offer to CoinFLEX creditors, exchanging OPNX shares and OX tokens for CoinFLEX’s debt. He even boldly stated that “creditors who do not accept will receive nothing.” However, with the sudden announcement of OPNX’s closure, it raises suspicions whether all of this was planned.
