OPNX Winds Down as FTX Bankruptcy Recovery Brightens

Exchange Closure

OPNX, a platform established for the trading of bankruptcy claims by former Three Arrows Capital entrepreneurs, is shutting down as FTX's bankruptcy situation enters a 'recovery' phase, according to Su Zhu, the co-founder. FTX has recently proclaimed their intentions to repay customers using market rates from a date just following the cryptocurrency crash it prompted.

Transition to Ox.Fun

In light of the FTX recovery, the OPNX community will now shift its focus to Ox.Fun, a new derivatives exchange that centers around the Ox token. Zhu, along with co-founder Kyle Davies, both of whom serve as advisors to Ox.Fun, extended their congratulations to FTX estate holders for their successful recovery.

Litigation and Performance

Despite launching with substantial anticipation, OPNX experienced difficulty in attracting a significant market share, with peak trading volumes reaching $624,093. The CEO of OPNX, Mark Lamb, is currently contending with legal challenges from CoinFLEX creditors, pertaining to the alleged unauthorized transition from CoinFLEX to OPNX.