OPNX, the exchange for trading of bankruptcy claims set up by the founders of failed cryptocurrency hedge fund Three Arrows Capital, is closing because the bankruptcy process of failed crypto exchange FTX has reached “recovery,” co-founder Su Zhu said.
FTX said earlier this week that it planned to fully repay its customers, albeit using market prices from a date just after the crypto crash it caused. On some platforms, FTX bankruptcy claims were trading at 13 cents on the dollar in the months following its collapse.
“The FTX recovery marks the end of crypto claims estates. The OX community will be focusing on Ox.Fun now, and wish to congratulate the FTX estate holders on their full recovery,” Zhu said in a statement provided by co-founder Kyle Davies on Telegram. Davies said the two are advisers to Ox.Fun, a recently launched derivatives exchange, focused around the Ox token.
OPNX struggled to gain a foothold with the broader market, and trading volume peaked at $624,093, according to CoinGecko data. After its much-hyped launch, less than two dollars of trades were executed in its first 24 hours, CoinDesk reported at the time.
OPNX CEO, Mark Lamb is facing legal challenges in Hong Kong from creditors of struggling Seychelles-based crypto exchange CoinFLEX, who allege the transition from CoinFLEX to OPNX was unauthorized. Lamb did not return a request for comment sent by Telegram.
Edited by Sheldon Reback.