{"id":10967,"date":"2024-02-03T13:00:59","date_gmt":"2024-02-03T13:00:59","guid":{"rendered":"https:\/\/coinengineer.io\/blog\/?p=10967"},"modified":"2024-02-03T13:01:34","modified_gmt":"2024-02-03T13:01:34","slug":"opnx-exchange-to-cease-operations-by-end-of-february","status":"publish","type":"post","link":"https:\/\/coinengineer.net\/blog\/opnx-exchange-to-cease-operations-by-end-of-february\/","title":{"rendered":"OPNX Exchange to Cease Operations by End of February"},"content":{"rendered":"<p data-sourcepos=\"3:1-3:259\">OPNX, a cryptocurrency derivatives exchange, has asked users to close all positions by February 7th and withdraw all assets from the exchange by February 14th. Any positions not closed by February 7th will be closed by the company at 11:00 AM on that day.<\/p>\n<p data-sourcepos=\"5:1-5:104\">OPNX Exchange was a venture of Three Arrows Capital (3AC), which collapsed along with the <a href=\"https:\/\/coinengineer.net\/blog\/three-charged-with-sim-swapping-400-million-from-ftx\/\" target=\"_blank\" rel=\"noopener\">FTX<\/a> crash.<\/p>\n<p data-sourcepos=\"7:1-7:35\"><strong>How it Started, How it&#8217;s Ending<\/strong><\/p>\n<p data-sourcepos=\"9:1-9:294\">OPNX was a joint venture between Three Arrows Capital (3AC) executives Su Zhu and Kyle Davies. The exchange officially launched in April 2023, but it failed to gain the expected traction and the platform&#8217;s activity was very short-lived. OPNX did not provide any specific reason for its closure.<\/p>\n<p data-sourcepos=\"11:1-11:261\"><strong>In September 2023, one of the co-founders, Su Zhu, was detained at Singapore Airport.<\/strong> He was then sent to prison for pre-trial detention by court order. The total assets of both partners, worth $1 billion, were frozen by a legal court in the Virgin Islands.<\/p>\n<p data-sourcepos=\"13:1-13:66\"><strong>OPNX Exchange added the following to its closure announcement:<\/strong><\/p>\n<blockquote>\n<p data-sourcepos=\"15:1-15:2\"><em>We are deeply grateful to each member of the OPNX community for their dedication and trust. As we close this chapter, we value the shared experiences and look forward with gratitude.<\/em><\/p>\n<\/blockquote>\n<hr \/>\n<p data-sourcepos=\"15:1-15:2\"><em>Also, in the comment section, you can freely share your comments and opinions about the topic. Additionally, don\u2019t forget to follow us on <a href=\"https:\/\/t.me\/coinengineernews\" target=\"_blank\" rel=\"noreferrer noopener\"><strong>Telegram<\/strong><\/a>,\u00a0<a href=\"https:\/\/www.youtube.com\/@CoinEngineer\" target=\"_blank\" rel=\"noreferrer noopener\"><strong>YouTube<\/strong><\/a>\u00a0and\u00a0<a href=\"https:\/\/twitter.com\/coinengineers\"><strong>Twitter<\/strong><\/a>\u00a0for the latest news and updates.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>OPNX, a cryptocurrency derivatives exchange, has asked users to close all positions by February 7th and withdraw all assets from the exchange by February 14th. Any positions not closed by February 7th will be closed by the company at 11:00 AM on that day. OPNX Exchange was a venture of Three Arrows Capital (3AC), which<\/p>\n","protected":false},"author":1,"featured_media":10968,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[11,2],"tags":[58,2285,496,4102,4103],"class_list":["post-10967","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-exchange-news","category-news","tag-cryptocurrency","tag-exchange","tag-ftx","tag-opnx","tag-three-arrows-capital-3ac"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>OPNX Exchange to Cease Operations by End of February - Coin Engineer<\/title>\n<meta name=\"description\" content=\"OPNX has asked users to close all positions by February 7th and withdraw all assets from the exchange by February 14th.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/coinengineer.net\/blog\/opnx-exchange-to-cease-operations-by-end-of-february\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"OPNX Exchange to Cease Operations by End of February - 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