The OPNX exchange, established by the founders of the failed hedge fund Three Arrows Capital, is shutting down.
The announcement of OPNX’s closure led to a sharp decline of 45% in its native token, OX.
OPNX, the cryptocurrency exchange launched by the founders of the defunct hedge fund Three Arrows Capital, is set to close its doors in mid-February. Customers must settle their positions by February 7th at 08:00 UTC and withdraw their funds by February 14th.
The email from the OPNX (Source: OX Community)
In an email to its customers, OPNX announced the closure of the Open Exchange, which was established to assist individuals affected by cryptocurrency crises, allowing them to trade pending recovery claims or utilize them as collateral.
The exchange, primarily designed for trading bankruptcy claims, was founded by Kyle Davies and Su Zhu. The collapse of their former venture, Three Arrows Capital (3AC), in 2022 caused significant turmoil in the crypto industry.
Last year, over $1 billi
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