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.

AccessTimeIconFeb 1, 2024 at 9:47 p.m. UTC
Updated Mar 8, 2024 at 8:53 p.m. UTC

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.

  • Profit-Making Crypto Address Makes New Investment of $16M in BTC
    00:59
    Profit-Making Crypto Address Makes New Investment of $16M in BTC
  • Could the Upcoming Bitcoin Conference Move Markets?
    00:34
    Could the Upcoming Bitcoin Conference Move Markets?
  • How Grayscale's 2.5% Fees Could Impact Investor Interest
    11:27
    How Grayscale's 2.5% Fees Could Impact Investor Interest
  • WazirX Hacked for $230M; Mark Cuban, Vitalik Buterin Speak Up on Crypto and Politics
    02:02
    WazirX Hacked for $230M; Mark Cuban, Vitalik Buterin Speak Up on Crypto and Politics
  • 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.


    Disclosure

    Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

    CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

    Nick Baker

    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.