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Home»BITCOIN NEWS»Three Arrows Capital-backed OPNX Exchange faces imminent closure
BITCOIN NEWS

Three Arrows Capital-backed OPNX Exchange faces imminent closure

By Crypto FlexsFebruary 2, 20243 Mins Read
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Three Arrows Capital-backed OPNX Exchange faces imminent closure
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Open Exchange (OPNX), a Singapore-based cryptocurrency exchange founded by the co-founders of failed cryptocurrency hedge fund Three Arrows Capital (3AC), is scheduled to launch. cease business It has been less than a year since it was founded.

OPNX closes due to legal issues

OPNX was founded by Zhu Su and Kyle Davies, along with co-founders Mark Lamb and Leslie Lamb, to make a comeback following the collapse and infamous downfall of Three Arrows Capital. Sam Bankman-Fried Cryptocurrency exchange FTX.

Mark and Leslie Lamb are also known for their involvement in CoinFlex, a digital asset exchange that filed for restructuring in the Seychelles in August 2022. OPNX aimed to revitalize creditors of insolvent exchanges such as: FTXTokenize your claims and use them as collateral.

Classmates, college friends and former Credit Suisse traders Zhu Su and Kyle Davies founded Three Arrows Capital in 2012. However, the company became the first major cryptocurrency company to go bankrupt in 2022. billions The collapse of cryptocurrencies Luna and TerraUSD in May of that year led to a decline in investor funds.

In September 2023, Zhu Su was arrested at Changi Airport while attempting to leave the country. Zhu Su and Kyle Davies are both sentenced Sentenced to four months in prison for failing to co-operate with the investigation into the Three Arrows’ fiasco.

The Monetary Authority of Singapore also banned them for nine years, prohibiting them from engaging in management, directorship or beneficial ownership. regulated capital markets A service company in Singapore.

OPNX’s decision to close came after a relatively short period of operation. Exchange users were notified via email that they must settle their accounts and make any required withdrawals before February 14th.

The closure marks the end of OPNX’s attempts to facilitate trading in bankruptcy claims against insolvent exchanges and the provision of collateral for those claims.

OX Token Plunges After Closure Announcement

Following the announcement of the closure of OPNX on February 1, the exchange’s native token, bull, its value has fallen significantly. The downward trend began on January 16 and worsened on Thursday when the token recorded a notable drop of 28.8%.

As of this writing, OX is trading at $0.00827. Despite falling 28.8% in the last 24 hours, the token showed signs of recovery after reaching a low of $0.00600 on Thursday.

However, it is important to note that the token has considerable experience. price falls Across different time zones. Over the past 7, 14, and 30 days, OX recorded price drops of 36%, 50%, and 34%, respectively.

OX price plummeted on the daily chart. Source: OXUSDT on TradingView.com

The future of the OX token, which currently has a market capitalization of over $82 million, remains uncertain. Investors and market participants are awaiting further statements from the exchange to shed light on the situation and the potential impact on the token’s value and market performance.

Featured image from Shutterstock, chart from TradingView.com

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