OPNX Cryptocurrency Insolvency Platform Set to Shut Down by February 14
Summary:
The cryptocurrency insolvency claims platform, OPNX— co-founded by the creators of the defunct hedge fund, "Three Arrows Capital"— is to cease all activities and shut down by February 14. Users are advised to close positions by February 7 and withdraw assets by February 14, beyond which the withdrawal feature will be disabled. The platform was established following the bankruptcy of the $10 billion Singapore-based hedge fund in June 2022. Further details are expected to unfold later.
OPNX, the cryptocurrency insolvency claims platform co-founded by the creators of the now-defunct hedge fund "Three Arrows Capital", has declared that it will cease all activities and shut down by February 14. According to an email seen by Cointelegraph sent to the platform's users, they strongly recommended that all user positions should be closed by February 7 and to withdraw their assets by February 14. After this specified date, they will deactivate the withdrawal feature. "We wish to notify you that OPNX.com will officially terminate all activities and close down in February 2024" states the email. They further affirm that withdrawal feature for all users will be deactivated on February 14. OPNX, Open Exchange being its full form, acts as a unique amalgamation of a cryptocurrency platform and an insolvency claims platform, where users can trade creditor claims from bankrupt cryptocurrency firms. The platform was conceived and established by Su Zhu and Kyle Davies post the insolvency of their $10 billion Singapore-based Three Arrows Capital (3AC) hedge fund in June 2022. More details will follow this breaking news as and when they become accessible.
Published At
2/2/2024 1:15:28 AM
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