OPNX, the latest unsuccessful crypto project from Su Zhu and Kyle Davies, is set to close its doors.
Open Exchange (OPNX), the cryptocurrency derivatives and bankruptcy claims platform, will be ceasing operations in February. The platform, founded by Su Zhu and Kyle Davies, who were also behind the now-bankrupt hedge fund Three Arrows Capital (3AC), sent an email to its customers outlining the necessary actions to be taken before the closure. Users were advised to settle all positions by February 7, 2024, and withdraw all their assets from the platform by February 14, 2024. The reasons for the closure were not disclosed in the announcement.
OPNX was established in April 2023 by Su Zhu and Kyle Davies in partnership with CoinFLEX. However, the founders’ involvement in the collapsed crypto hedge fund 3AC brought controversy to the newly founded exchange. After going live, Zhu, Davies, and other OPNX founders faced reprimand from Dubai’s Virtual Asset Regulatory Authority (VARA) for illegally promoting the platform in the emirate. As a result, OPNX was fined $2.7 million for violating market rules.
The closure of OPNX further adds to the string of failed ventures by Zhu and Davies, following the crash of 3AC. The duo received a nine-year ban from Singaporean authorities for violating securities laws. Zhu was arrested in Singapore in September 2023 but was released in December of the same year.
The news of OPNX’s impending closure caused the price of its native token, OX, to plummet to $0.0068. Although the token has since slightly recovered and is currently trading at $0.0094 according to Coingecko, it is still down by almost 90% from its peak of $0.08 in August 2023.
