The news has come that the OPNX cryptocurrency derivatives exchange, established by associates of 3AC, will halt all activities by the close of February, prioritizing an organized wind-down for its customers.

The Open Exchange, a platform for trading crypto derivatives and claims, has announced its impending closure, set for the end of this month. Users are instructed to finalize all trading positions before February 7 at 8 AM UTC, as any remaining open positions will be automatically settled afterward. Furthermore, they must withdraw their funds and download their transaction records by February 14. OPNX As indicated in a post on the social media site X, the OPNX team is committed to facilitating a seamless closure for all platform users.

"We extend our heartfelt gratitude to every individual in the OPNX community for their loyalty and trust. As we draw this journey to a close, we treasure the moments we’ve shared and look forward with appreciation,\" stated the OPNX team in a recent publication.

In the wake of the announcement, the value of OX, Open Exchange’s native token, plummeted by nearly 14.9% within just 24 hours, with the current market price hovering around $0.009 as reported by Coingecko.

Initially launched in 2023, the exchange underwent a rebranding effort in March 2023. It was created by Kyle Davies and Su Zhu, the founders of the now-defunct cryptocurrency lending firm, Three Arrows Capital (3AC), and was designed to facilitate the trading of bankruptcy claims, following significant distress faced by their previous venture.

OPNX was formerly known as Coinflex The Rise and Fall of Three Arrows Capital

Once a titan in the crypto hedge fund space, 3AC faced a dramatic collapse in 2022 driven by a series of poor investment decisions, contributing to a wider market downturn and the downfall of various players in the cryptocurrency landscape.

Following the bankruptcy proceedings initiated in British Virgin Islands, Su Zhu was apprehended in Singapore last year while attempting to depart the country. arrested Having previously operated from Singapore, 3AC has been undergoing bankruptcy proceedings in the British Virgin Islands.

The appointed liquidator in the British Virgin Islands has raised concerns over the founders’ perceived lack of genuine cooperation throughout the liquidation process. Teneo Recently, a court in the British Virgin Islands placed a hold on global assets valued at $1.144 billion belonging to Su Zhu, in order to prevent him, Kyle Davies, and Davies’ spouse, Kelly Chen, from transferring or liquidating those assets. Reports indicate that creditors are currently owed around $3.3 billion.

The closure of Open Exchange underscores the difficulties its users are facing in light of the turbulent history of Three Arrows Capital. order to freeze Please be aware that the information presented on this page is not meant to serve as legal, tax, investment, financial, or any other form of advisory. It’s essential to only invest what you can afford to lose and seek independent financial counsel if you’re uncertain. For additional information, we recommend checking the terms and conditions and the support pages offered by the issuer or advertiser. MetaversePost strives to provide accurate and impartial news coverage, but market conditions can change without prior notice.

Alisa, an engaged journalist at MetaversePost, focuses on cryptocurrency, zero-knowledge proofs, investments, and the vast opportunities within the Web3 space. With a sharp awareness of emerging trends and technologies, she provides detailed insights aimed at educating and engaging readers in the constantly shifting world of digital finance.