Crypto chapter claims platform OPNX — launched by the co-founders of failed hedge fund Three Arrows Capital — has introduced that it’s going to formally stop all operations and shut down by Feb. 14.
In an electronic mail to alternate customers, seen by Cointelegraph, OPNX “strongly suggested” its customers to settle all positions by Feb. 7 and withdraw their funds from the platform by Feb. 14. Following this date, all withdrawal performance can be disabled.
“We want to inform you that OPNX.com will formally stop operations and shut down in February 2024.”
OPNX, quick for Open Trade, is a hybrid chapter claims platform and crypto alternate that enables customers to commerce creditor claims of bankrupt crypto corporations.
The value of OPNX’s native OX token plunged following the announcement, plummeting 38% from a value of $0.01 to $0.006 in lower than an hour, per CoinGecko data.
Su Zhu and co-founder Kyle Davies based the alternate following the chapter of their $10 billion Singapore-based crypto hedge fund Three Arrows Capital (3AC) — which folded in June 2022.
Shortly after their hedge fund collapsed, Zhu and Davies disappeared. Teneo, the agency answerable for liquidating 3AC’s belongings, was forced to subpoena the pair by way of messages on X because of their pair concealing particulars of their respective bodily whereabouts.
The closure of OPNX solely provides to the pair’s woes. Teneo is at the moment in search of to recuperate $1.3 billion straight from the founders, claiming that Zhu and Davies took on important quantities of leverage with investor funds after their hedge fund turned bancrupt.
In September 2023, Singapore’s central financial institution issued nine-year prohibition orders to Davies and Zhu over alleged violations of the nation’s securities legal guidelines at 3AC.
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