OPNX, the Exchange Built by Founders of Doomed Hedge Fund Three Arrows, Is Shutting Down
Customers were advised to settle their positions by Feb. 7 and withdraw their money by Feb. 14.
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OPNX, the exchange set up by the founders of failed cryptocurrency hedge fund Three Arrows Capital, is shutting down this month, according to a notice on the company's website.
Customers were advised to settle their positions by Feb. 7 at 08:00 UTC and withdraw their money by Feb. 14.
The exchange, created for the trading of bankruptcy claims, was opened last year by Kyle Davies and Su Zhu. Their previous company, Three Arrows Capital, or 3AC, blew up in 2022, creating strains throughout the industry.
More than $1 billion in assets belonging to Zhu, Davies and Davies' wife, Kelly Chen, were frozen by a British Virgin Islands court last year, while Zhu was arrested in Singapore for failing to help liquidate 3AC.
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Nick Baker is CoinDesk’s deputy editor-in-chief and a Loeb Award winner. His crypto holdings are below CoinDesk's $1,000 disclosure threshold.