OPNX (Open Trade), a Singapore-based cryptocurrency alternate established by the co-founders of the failed crypto hedge fund Three Arrows Capital (3AC), is about to cease operations lower than a 12 months after its inception.
OPNX To Shut Down Amidst Authorized Points
OPNX was launched by Zhu Su and Kyle Davies, together with co-founders Mark Lamb and Leslie Lamb, to make a comeback following the collapse of Three Arrows Capital and the notorious fall of Sam Bankman-Fried’s crypto alternate FTX.
Mark and Leslie Lamb are additionally recognized for his or her involvement in CoinFlex, a digital asset alternate filed for restructuring within the Seychelles in August 2022. OPNX aimed to allow collectors of bancrupt exchanges, corresponding to FTX, to tokenize their claims and use them as collateral.
Zhu Su and Kyle Davies, schoolmates, college mates, and former Credit score Suisse merchants, based Three Arrows Capital in 2012. Nonetheless, the agency grew to become the primary main crypto firm to go bankrupt in 2022, dropping billions of buyers’ funds because of the collapse of cryptocurrencies Luna and TerraUSD in Might of that 12 months.
In September 2023, Zhu Su was arrested at Changi Airport whereas trying to go away the nation. Each Zhu Su and Kyle Davies had been sentenced to 4 months’ imprisonment for failing to cooperate with investigations into the failure of Three Arrows.
The Financial Authority of Singapore additionally banned them for 9 years, stopping their involvement within the administration, directorship, or substantial possession of any regulated capital market providers firm in Singapore.
OPNX’s determination to close down comes after a comparatively quick interval of operation. Customers of the alternate have been knowledgeable through e-mail that they should settle their accounts and make obligatory withdrawals earlier than February 14.
The closure marks the top of OPNX’s try to facilitate the buying and selling of chapter claims and collateralization of such claims on bancrupt exchanges.
OX Token Plummets Following Closure Announcement
Following the announcement of OPNX’s shutdown on February 1st, the native token of the alternate, OX, skilled a big decline in worth. The downward pattern started on January 16 and was additional exacerbated on Thursday when the token recorded a notable drop of 28.8%.
As of the time of writing, OX is buying and selling at $0.00827. Regardless of the 28.8% drop inside the previous 24 hours, the token has proven indicators of restoration since reaching a low of $0.00600 on Thursday.
Nonetheless, you will need to observe that the token has additionally skilled substantial price decreases throughout numerous time frames. Over the previous seven, fourteen, and thirty days, OX has recorded value declines of 36%, 50%, and 34%, respectively.
The way forward for the OX token, which presently boasts a market capitalization of over $82 million, stays unsure. Buyers and market individuals await additional statements from the alternate to make clear the state of affairs and its potential affect on the token’s worth and market efficiency.
Featured picture from Shutterstock, chart from TradingView.com
