Why is Crypto Exchange OPNX Closing Down in 5 Days?

Why is This Major Crypto Exchange Shutting Down?

The users of major crypto exchange OPNX have been alerted that they must finalize all their positions within the platform within the next 5 days, as the exchange is set to officially cease all operations.

In a letter to its users, the exchange emphasized the importance of exporting their transaction history for personal records before the impending shutdown.

In addition to urging users to settle transactions and export their transaction history, the exchange has specified that users must withdraw all their funds from the platform within the next 12 days.

“We strongly advise all users to withdraw their funds from OPNX.com by February 14, 2024. After this date, withdrawal functionality will be disabled.”

In response to the various crypto collapses in 2022, particularly FTX, the exchange launched in April 2023. It allows victims of past crypto collapses to leverage their claims in now-defunct crypto firms.

Read more: 11 Best Altcoin Exchanges for Crypto Trading in January 2024

OPNX articulates on its website the necessity for a public marketplace, facilitating the onboarding and trading of claims.

“Open Exchange is a solution and home for those harmed by crypto crises, allowing claimants to immediately unleash their locked claims directly into crypto or use them as margin capital.”

However, the founders of the exchange, are also the co-founders of the now-defunct crypto hedge fund Three Arrows Capital (3AC).

OPNX Linked to a Defunct Crypto Hedge Fund

Last month, authorities released Su Zhu from prison, but his co-founder Kyle Davies remains elusive to authorities.

News of Zhu’s arrest prompted a fire sale of approximately $1 million worth of OX tokens, the native token for OPNX.

OX Token (OPNX native token) Price Chart 3 Months. Source: CoinGecko

In recent developments, the High Court of Singapore rejected 3AC’s bid to dismiss a lawsuit filed by DeFiance Capital.

Read more: Top 7 Crypto Exchanges With the Lowest Spreads in 2023

Although DeFiance Capital operated within the 3AC platform, it sought autonomy in managing its assets and operations.

DeFiance Capital contends that its assets should be treated independently in creditor repayment, emphasizing its distinct legal entity.


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