OPNX: Trading for Bankruptcy Claims Closing Down Amid FTX Recovery Process
The closure of OPNX, originally created for trading bankruptcy claims, has been announced as the FTX bankruptcy process moves towards a “recovery” phase, according to Su Zhu, co-founder of OPNX.
Despite a highly publicized launch, OPNX has struggled to gain traction in the market, with trading volume peaking at $624,093.
OPNX CEO Mark Lamb is facing legal challenges in Hong Kong from CoinFLEX creditors, a struggling cryptocurrency exchange.
Su Zhu Explains the Closure of OPNX
Su Zhu, co-founder of OPNX and Three Arrows Capital, has announced the closure of OPNX. This decision is reportedly due to the progression of the FTX bankruptcy process into a “recovery” phase. Su Zhu stated that the OX community will now focus on Ox.Fun, a new derivatives exchange centered around the Ox token.
Clients have until February 7th to close their positions and until February 14th to withdraw their funds.
The FTX recovery marks the end of crypto bankruptcy claims. The OX community will now focus on Ox.Fun and wants to congratulate FTX claim holders on their full recovery.Su Zhu
Limitations of OPNX in the Market
OPNX, which facilitated the trading of bankruptcy claims, struggled to gain significant market share. According to data from CoinGecko, OPNX’s trading volume peaked at $624,093 in 24 hours. Less than two dollars of transactions were executed in the first 24 hours of the exchange, marking a catastrophic start for Su Zhu and Kyle Davies’ return from 3AC.
OPNX CEO Mark Lamb is facing legal challenges from CoinFLEX creditors, alleging that the transition from CoinFLEX to OPNX was unauthorized.
Over a billion dollars in assets owned by Su Zhu, Kyle Davies, and Kelly Chen, Davies’ wife, were frozen by a British Virgin Islands court last year, while Su Zhu was arrested in Singapore for failing to contribute to the liquidation of 3AC.
