Founder of 3AC Supports Closure of OPNX This Month! OX Token Plummets Over 65%

Founder of 3AC Supports Closure of OPNX This Month! OX Token Plummets Over 65%

Founder of 3AC Supports Closure of OPNX This Month! OX Token Plummets Over 65%

The cryptocurrency derivatives trading platform Open Exchange (OPNX), supported by Kyle Davies and Su Zhu, co-founders of Three Arrows Capital, has recently announced its closure, just shortly after its launch.

The OPNX team has sent a letter to its customers, stating that the platform will officially cease operations and close in February 2024. Additionally, the company has advised users to settle all positions by February 7th, after which the platform will automatically settle all open positions. Users are required to withdraw their funds and export historical data by February 14th.

According to the OPNX team, the platform’s native token experienced a significant drop of over 65% upon the release of the news but has since recovered to $0.87.

Previously, the founder of Three Arrows Capital had promised to donate OPNX’s future earnings to the 3AC creditors, as reported by Zombit. Another co-founder of OPNX, Mark Lamb, who also served as the former CEO of the now-closed exchange CoinFLEX, had proposed a debt acquisition offer to CoinFLEX creditors, exchanging OPNX shares and OX tokens for CoinFLEX debt. He even boldly stated that “non-accepting creditors will receive nothing.” However, with OPNX suddenly announcing its closure, one can’t help but wonder if all of this was planned.