The ongoing price swing and the systemic issues with the crypto industry forced vital industry players to find solutions to revive the ailing digital sector. In 2023, co-founders of the fallen hedge fund Three Arrow Capital (3AC), Su Zhu and Kyle Davies, established a new trading platform, OPNX.
The primary objective of establishing the OPNX was to allow the victims of FTX and 3AC to regain their financial position. The OPNX offered the investors an avenue to trade their assets.
Closure of OPNX
Also, the decision to establish the OPNX emanated from the current situation in the crypto industry, where devastated customers are left stranded after the implosion of the Bahamian crypto exchange FTX.
The report indicates that OPNX will help the victims of FTX, 3AC, and Celsius, among other bankrupt exchanges, to recover their funds. A review of a recent statistic demonstrated that around 20 million customers were affected by the fallout of major crypto exchanges exposed to FTX.
The unexpected crash of the crypto sector plunged most investors into financial woes. This forced the 3AC co-founder to launch OPNX, where the affected customers could effortlessly trade their recovery claims.
In an earlier interview, the team behind OPNX claimed that they gained in-depth experience in the previous role at 3AC. Having broadened their expertise, the two co-founders of 3AC planned to fix what went wrong in the crypto sector.
Factors Contributing to Closure of OPNX
Based on their expertise, Zhu and Davies vowed to leverage their knowledge and wisdom to create an open, transparent and robust financial ecosystem. They argued that the launching of OPNX provided financial accessibility to the community.
Shortly after the launching of OPNX, the official appointed Mark Lamb as the chief executive officer mandated to oversee the operation of the crypto exchange. Months after the launch, the OPNX team invested in expanding the business operations by launching the FLEX token.
The new token FLEX was described as a token of appreciation, and the early buyers received free giveaways. The OPNX official invested heavily in growing the popularity of FLEX tokens to attract a large customer base.
After extensive promotion, the OPNX expanded its footprint outside the Asian region. In May, the law enforcer claimed that OPNX operated as an unregistered entity. In retaliation to the allegations, the OPNX team confirmed it would allow the users to trade their bankruptcy claims to comply with the law.
Reviewing Dynamism of the Crypto Industry
The regulators pledged to investigate the operation of OPNX and levy corrective measures that will support consumer protection. After ten months of operation, the OPNX team confirmed plans to wind down the operation by next month.
In an email statement, the OPNX official updated the crypto community on the sun setting of the Singaporean crypto exchange. The troubled crypto exchange confirmed plans to guide the customers on the company’s closure.
The email outlined the steps the OPNX users should take before the imminent closure of the crypto exchange. Firstly, the crypto exchange plans to settle pending requests before February 7. Afterwards, the OPNX team will facilitate the withdrawal of customers’ funds, and the technical group will export data by February 14.
Following the announcement of the closure of OPNX, the community expressed their mixed feelings. On Telegram, the holders of the OX token inquired about OPNX’s next move after the expected closure of business.