CDS Crypto News Closure of OPNX: Crypto Exchange Founded by Bankrupt Three Arrows Capital Founders
Crypto News

Closure of OPNX: Crypto Exchange Founded by Bankrupt Three Arrows Capital Founders

Once touted as a refuge for those affected by cryptocurrency crises, the Open Exchange is now set to close its doors.

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Closure of OPNX Crypto Exchange Founded by Bankrupt Three Arrows Capital Founders

Crypto News- The Open Exchange, once touted as a sanctuary for those battered by the tumultuous waves of crypto crises, has declared its impending closure, as conveyed in an email dispatched to its clientele today.

The brainchild of Su Zhu and Kyle Davies, founders of the now-defunct Three Arrows Capital, OPNX positioned itself in the midst of the scandal-ridden crypto industry. In the aftermath of crypto crashes, it offered a platform where users could barter their pending recovery claims or employ them as collateral. The founders, in their initial proclamation, declared, “Founders who reach great heights and then fall learn the most important lessons and, therefore, have the most to contribute.” Their vision was to utilize the hard-earned wisdom to construct a more resilient, transparent financial world.

Closure of OPNX: Crypto Exchange Founded by Bankrupt Three Arrows Capital Founders

Helming the operations was CEO Mark Lamb, formerly associated with CoinFlex. The exchange commenced with its proprietary token, FLEX, later transforming into the OX token, described as the “native fee paying, staking and governance token of OPNX.”

The narrative took a twist last summer when OPNX incorporated FTX bankruptcy claims into its marketplace, while regulators in Dubai raised concerns about its lack of proper licensing. A failed attempt to acquire the collapsed crypto lender Hodlnaut further marked OPNX’s journey. The last noteworthy update came in November 2023, announcing its licensing approval to operate in Lithuania.

The Open Exchange Shuts Down Amid Crypto Turmoil: A Tale of Rise, Fall, and Unanswered Questions

With no explicit rationale for the abrupt shutdown, OPNX is yet to respond to Decrypt’s request for comment. In an email directed to the “OPNX Community,” the official shutdown of the OPNX.com website was announced for February 2024.

“We are dedicated to ensuring an orderly closure for all users,” the email stated, furnishing a set of recommended actions for clients: settling pending positions by Feb. 7 and withdrawing funds and exporting data by Feb. 14.

Surprised members of an OX token Telegram group, linked from the OPNX.com homepage, engaged in speculative discussions about the future, given the absence of any official communication from the company.

“You’ve got to give them credit for quickly changing direction when they saw that OPNX wasn’t working as planned,” praised one participant.

Closure of OPNX: Crypto Exchange Founded by Bankrupt Three Arrows Capital Founders

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