Three Arrows Capital-Backed OPNX Exchange Faces Imminent Shutdown

OPNX (Open Change), a Singapore-based cryptocurrency change established by the co-founders of the failed crypto hedge fund Three Arrows Capital (3AC), is about to stop operations lower than a 12 months after its inception. 

OPNX To Shut Down Amidst Authorized Points

OPNX was launched by Zhu Su and Kyle Davies, together with co-founders Mark Lamb and Leslie Lamb, to make a comeback following the collapse of Three Arrows Capital and the notorious fall of Sam Bankman-Fried’s crypto change FTX. 

Mark and Leslie Lamb are additionally recognized for his or her involvement in CoinFlex, a digital asset change filed for restructuring within the Seychelles in August 2022. OPNX aimed to allow collectors of bancrupt exchanges, reminiscent of FTX, to tokenize their claims and use them as collateral.

Zhu Su and Kyle Davies, schoolmates, college mates, and former Credit score Suisse merchants, based Three Arrows Capital in 2012. Nonetheless, the agency turned the primary main crypto firm to go bankrupt in 2022, dropping billions of buyers’ funds as a result of collapse of cryptocurrencies Luna and TerraUSD in Might of that 12 months. 

In September 2023, Zhu Su was arrested at Changi Airport whereas making an attempt to go away the nation. Each Zhu Su and Kyle Davies have been sentenced to 4 months’ imprisonment for failing to cooperate with investigations into the failure of Three Arrows. 

The Financial Authority of Singapore additionally banned them for 9 years, stopping their involvement within the administration, directorship, or substantial possession of any regulated capital market companies firm in Singapore.

OPNX’s resolution to close down comes after a comparatively quick interval of operation. Customers of the change have been knowledgeable by way of electronic mail that they should settle their accounts and make mandatory withdrawals earlier than February 14. 

The closure marks the tip of OPNX’s try to facilitate the buying and selling of chapter claims and collateralization of such claims on bancrupt exchanges.

OX Token Plummets Following Closure Announcement

Following the announcement of OPNX’s shutdown on February 1st, the native token of the change, OX, skilled a big decline in worth. The downward pattern started on January 16 and was additional exacerbated on Thursday when the token recorded a notable drop of 28.8%.

As of the time of writing, OX is buying and selling at $0.00827. Regardless of the 28.8% drop inside the previous 24 hours, the token has proven indicators of restoration since reaching a low of $0.00600 on Thursday.

Nonetheless, it is very important be aware that the token has additionally skilled substantial value decreases throughout numerous time frames. Over the previous seven, fourteen, and thirty days, OX has recorded value declines of 36%, 50%, and 34%, respectively.

The way forward for the OX token, which presently boasts a market capitalization of over $82 million, stays unsure. Traders and market individuals await additional statements from the change to make clear the scenario and its potential affect on the token’s worth and market efficiency.

Featured picture from Shutterstock, chart from TradingView.com