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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 collapsed along with the FTX crash.
How it Started, How it’s Ending
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’s activity was very short-lived. OPNX did not provide any specific reason for its closure.
In September 2023, one of the co-founders, Su Zhu, was detained at Singapore Airport. 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.
OPNX Exchange added the following to its closure announcement:
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.
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