OPNX Exchange Founded by 3AC Creators Announces Closure

The OPNX exchange, established by the founders of the bankrupt cryptocurrency hedge fund Three Arrows Capital (3AC), has announced its closure.

OPNX shutting down pic.twitter.com/BIRBX3uiBV

— Cole (@cole0x) February 1, 2024

The platform has requested users to close all positions by February 7 and withdraw funds within two weeks.

“We are deeply grateful to every member of the OPNX community for their dedication and trust. As we close this chapter, we value the experience gained and look forward with appreciation,” the statement reads.

The exchange, launched for trading claims against bankrupt crypto companies and derivatives based on them, was created by Kyle Davies and Su Zhu in April 2023.

Their previous company, Three Arrows Capital, filed for bankruptcy in the United States in July 2022. According to Nansen, the organization managed assets worth about $10 billion. Prior to this, a court in the British Virgin Islands ordered the liquidation of the hedge fund.

The 3AC founders attributed the project’s collapse to excessive confidence fueled by years of a bull market.

In September 2023, Singaporean authorities banned Davies and Zhu from regulated business activities. Zhu was arrested after attempting to leave the country.

Liquidators of 3AC have sought through the courts the return of $1.3 billion from the company’s founders.