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    <p>The bankruptcy claims and crypto exchange <a rel="noopener noreferrer nofollow" title="OPNX" href="https://thebittimes.com/tag/opnx.html">OPNX</a> (aka Open Exchange) is suffering from the ghosts of its past, with creditors from now-defunct exchange CoinFLEX throwing a wrench in the plans of the already struggling platform.</p>
    <p>In a tweet by co-founder Mark Lamb, <a rel="noopener noreferrer nofollow" title="OPNX" href="https://thebittimes.com/tag/opnx.html">OPNX</a> sought CoinFLEX creditors to accept a tender offer that would entitle them to <a rel="noopener noreferrer nofollow" title="OPNX" href="https://thebittimes.com/tag/opnx.html">OPNX</a> shares and billions of OX tokens. The unfortunate caveat for creditors is that, according to the tweet, they would be required to vest their tokens over a period of nearly a decade.</p>
    <p>Additionally, creditors who didn’t immediately accept the offer would receive lower numbers of shares and OX tokens.</p>
    <p>The OX token is <strong>down almost 90% from its all-time highs in August</strong> and down about 15% from its initial coin offering (ICO) price in May.</p>
    <p>The tweet blames creditors for not speaking up sooner, saying “If they disagreed, the alternative path would simply have been building <a rel="noopener noreferrer nofollow" title="OPNX" href="https://thebittimes.com/tag/opnx.html">OPNX</a> with zero ties to CoinFLEX.” It also appears to suggest that the astounding success of <a rel="noopener noreferrer nofollow" title="OPNX" href="https://thebittimes.com/tag/opnx.html">OPNX</a> is what’s led to the issues with creditors, stating “<a rel="noopener noreferrer nofollow" title="OPNX" href="https://thebittimes.com/tag/opnx.html">OPNX</a>’s progress whetted [large creditors’] appetite to stall and refuse previously agreed upon deals.”</p>
    <h2 class="wp-block-heading" id="h-desperate-times-desperate-measures">Desperate times, desperate measures</h2>
    <p>It’s fair to assume that the announcement of the public tender offer is a move of desperation from a firm that has seen <strong>one of its founders jailed in Singapore</strong> and the rest of its executives maintaining radio silence on social media.</p>
    <p>A recent CoinDesk article disclosed that Mark Lamb was being sued by former CoinFLEX creditors and a subsequent article revealed that the exchange had given up its desperate lawsuit against The Block founder Mike Dudas.</p>
    <p>Meanwhile, volume — as previously reported by Protos — remains stunningly low on the exchange while bankruptcy claims trading for any platform outside of FTX is non-operational.</p>
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       Zhu Su and Kyle Davies’ exchange OPNX is failing
      </blockquote><iframe class="wp-embedded-content" sandbox="allow-scripts" security="restricted" style="position: absolute; clip: rect(1px, 1px, 1px, 1px);" title="“Zhu Su and Kyle Davies’ exchange OPNX is failing” — Protos" src="https://protos.com/zhu-su-and-kyle-davies-exchange-opnx-is-failing/embed/#?secret=vlBbvrde8F#?secret=azueP8uyjv" data-secret="azueP8uyjv" width="500" height="282" frameborder="0" marginwidth="0" marginheight="0" scrolling="no"></iframe>
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    <p><em>Read more: Low liquidity and Twitter suspension plagues newly launched <a rel="noopener noreferrer nofollow" title="OPNX" href="https://thebittimes.com/tag/opnx.html">OPNX</a></em></p>
    <h2 class="wp-block-heading" id="history-of-poor-business-practices">History of poor business practices</h2>
    <p>OPNX was started by individuals with links to two very high-profile business failures, Zhu Su and Kyle Davies of 3 Arrows Capital (3AC) and Mark Lamb and Leslie Lamb of CoinFLEX. The concept started with a nod to FTX, passing around a pitch deck with the title ‘GTX.’</p>
    <p>The double-criminal-duo later <strong>called the name a joke</strong>, eventually settling on the moniker ‘Open Exchange,’ or <a rel="noopener noreferrer nofollow" title="OPNX" href="https://thebittimes.com/tag/opnx.html">OPNX</a>.</p>
    <p>Most of the current problems appear to stem from the sloppy restructuring of CoinFLEX. However, the reason why Zhu Su is sitting in a Singaporean jail cell is due to the fact that he attempted not to cooperate with 3AC liquidators.</p>
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<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/opnx-is-having-its-coinflex-moment-tbt69333.html">https://thebittimes.com/opnx-is-having-its-coinflex-moment-tbt69333.html</a></p>

OPNX is having its CoinFLEX moment

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