Open Change (OPNX), the cryptocurrency derivatives and chapter claims platform based by Su Zhu and Kyle Davies, the duo behind the now-bankrupt hedge fund Three Arrows Capital (3AC), will shut down this February.
In an electronic mail despatched to clients, OPNX suggested customers on the required actions to take earlier than the trade closed down, which included settling all positions by Feb. 7, 2024, and withdrawing all their belongings from the platform by Feb. 14, 2024.
Causes for the closure weren’t talked about within the announcement.
“We’re deeply grateful to every member of the OPNX neighborhood for his or her dedication and belief. As we conclude this chapter, we cherish the experiences shared and look forward with gratitude.”
OPNX’s electronic mail to customers
OPNX hyperlinks and troubled previous
OPNX was established by Su Zhu and Kyle Davis along side CoinFLEX, and launched in April 2023. Notably, Zhu and Kyle are the co-founders of the collapsed crypto hedge fund 3AC, which filed for bankruptcy in 2022.
The newly based crypto trade, nonetheless, was not with out controversy, as a result of founders behind the platform.
Shortly after going dwell, Zhu, Davies, and different OPNX founders have been reprimanded by Dubai’s Digital Asset Regulatory Authority (VARA) for illegally selling the platform within the emirate. VARA later fined OPNX $2.7 million for violating market guidelines.
With OPNX seeking to shut store, it exhibits one other failed enterprise by Zhu and Davies, after 3AC’s crash. The duo have been slammed with a nine-year ban by Singaporean authorities following the violation of securities legal guidelines. Zhu, who was arrested in September 2023 in Singapore, was launched in December 2023.
The value of OX, OPNX’s native token, crashed to $0.0068 following the information of its impending closure. Whereas the token has barely recovered and is buying and selling at $0.0094 in accordance with Coingecko as of press time, OX continues to be down practically 90% from its peak of $0.08 in August 2023.