Users have little time to withdraw their funds if they want to avoid losing them
OPNX, the cryptocurrency bankruptcy claims platform started by failed hedge fund Three Arrows Capital (3AC) co-founders, has declared that the company will officially halt all operations on the platform by February 14.
In an email recently sent to exchange customers, OPNX “strongly advised” its account holders to settle all placements before February 7 and remove all their funds from the platform before February 14. All functionality to withdraw funds will be discontinued beyond this date. “We would like to inform you that OPNX.com will officially cease operations and shut down in February 2024,” reads the message.
OPNX’s native OX token’s price tumbled immediately after the announcement, diving 38% from $0.01 to $0.006 in less than an hour, according to data from CoinGecko. OPNX co-founders Su Zhu and Kyle Davies launched the exchange after their $10 billion Singapore-based crypto hedge fund, Three Arrows Capital, filed for bankruptcy and later shut down in June 2022.
Zhu and Davies disappeared not long after the hedge fund’s failure. The company handling the liquidation of 3AC’s assets, Teneo, was compelled to subpoena them via messages on X after they hid their whereabouts.
OPNX’s failure only adds to the pair’s problems. Teneo is presently pursuing recovering $1.3 billion directly from the two creators, contending that Zhu and Davies took on substantial amounts of leverage with investor accounts after their hedge fund went under.
Singapore’s central bank banned Davies and Zhu from operating for nine years in September 2023 for allegedly violating the country’s securities regulations at 3AC.
