Crypto Exchange OPNX to Shut Down Following Founders' Legal Woes

Exchange Closure Announcement

OPNX, an exchange initiated by the founders of the now-defunct Three Arrows Capital, has announced it will cease operations. Clients were instructed to reconcile their accounts by February 7th and withdraw all funds by February 14th. The platform, designed for bankruptcy claim trades, had been operational for only a year.

Background of OPNX

The auspicious launch last year by Kyle Davies and Su Zhu followed the collapse of their former venture, Three Arrows Capital (3AC). The implosion of 3AC in 2022 sent shockwaves across the financial scene, profoundly impacting the industry with over a billion dollars in assets affected.

Legal Troubles Following the Collapse

Following the failure of 3AC, a court in the British Virgin Islands ordered the arrest of Zhu in Singapore for his reluctance to assist in the company's liquidation process. Zhu, Davies, and Davies' spouse, Kelly Chen, found their assets exceeding $1 billion frozen amidst the legal entanglements.