Su Zhu and Kyle Davies, the founders of the bankrupt debt exchange "OPNX", announced that the exchange will close in February. Users need to settle their positions before 2/7 and withdraw before 2/14 to ensure smooth processing of their assets.
Controversies continued after its establishment, and it was settled one year later
Su Zhu and Kyle Davies founded an exchange called "OPNX", which was opened by CoinFlex in January 2023. It focuses on providing bankruptcy claims trading services in cryptocurrencies.
Original content: Its advertised debt trading functions include FTX, MT.GOX and Celsius, etc. But the most ironic thing is that the claims of Three Arrows Capital are also one of the tradable objects. Founder Davies also said that he is developing a "Shadow Recovery Process" (Shadow Recovery Process) and will make "donations" to 3AC's creditors through OPNX. Content after fine-tuning: The platform claims to provide debt trading functions, including FTX, MT.GOX and Celsius. Ironically, however, Three Arrows Capital’s claims can also be traded. Founder Davies plans to develop a process called "Shadow Recovery Process" and raise funds from 3AC's creditors through OPNX.
In addition to the founder’s $1.1 billion assets being frozen, OPNX was also fined $2.7 million by Dubai’s encryption regulator VARA for market violations.
OPNX has also been controversial since its launch. OPNX officials previously stated that OPNX investors include AppWorks, Susquehanna (SIG), MIAX Group, trading company DRW, etc., but this was denied by many investment institutions.
Now it seems that OPNX did not expect the support of investors, nor did it wait for the crypto bull market, and hastily ended its exchange career for more than a year.
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