when

Davies

Teneo

<h4><span style="font-weight: 400;"><strong>The Open Exchange (OPNX) has informed its users via email that it is shutting down operations on February 14th. </strong></span></h4> 
<p><span style="font-weight: 400;">The company touted itself as “a solution and home for those harmed by crypto crises” and was launched by the co-founders of the collapsed Three Arrows Capital.</span></p> 
<h5><strong>End of the Line for OPNX: Closure Scheduled for Valentine’s Day</strong></h5> 
<p><span style="font-weight: 400;">OPNX urged its users to settle their positions by February 7 and remove their cash from the platform before February 14, after which it would deactivate all withdrawal features.&nbsp;</span></p> 
<blockquote class="twitter-tweet" data-width="550" data-dnt="true"> 
 <p lang="en" dir="ltr">OPNX Exchange Is Getting Shut Down, Here's Something Very Important You Can Learn <br>&nbsp;<a href="https://twitter.com/hashtag/OPNX?src=hash&amp;ref_src=twsrc%5Etfw">#OPNX</a>, a centralized exchange founded by 3 Arrows Capital Founders, Will Cease Its Operations.<br>&nbsp;<br>OPNX was started last year, and the trouble started when one of its founders, <a href="https://twitter.com/zhusu?ref_src=twsrc%5Etfw">@zhusu</a>, got… <a href="https://t.co/wvlmo76IM8">pic.twitter.com/wvlmo76IM8</a></p> 
 <p>— Wise Advice (@wiseadvicesumit) <a href="https://twitter.com/wiseadvicesumit/status/1753304642203918565?ref_src=twsrc%5Etfw">February 2, 2024</a></p>
</blockquote> 
<p><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></p> 
<p><span style="font-weight: 400;">Su Zhu and Kyle Davies launched OPNX following the crash of 3AC, their once-popular crypto hedge fund. However, both Zhu and Davies disappeared from public view following 3AC’s collapse. Interestingly, Teneo, the company handling 3AC’s asset liquidation subpoenaed them on X due to their mysterious whereabouts.</span></p> 
<p><span style="font-weight: 400;">Teneo is reportedly pursuing a direct recovery of $1.3 billion from the founders, alleging that the duo took on substantial leverage using investor funds. Zhu and Davies are also facing significant problems in Singapore for breaching the nation’s securities regulations.</span></p> 
<h5><strong>Why is the Exchange Shutting Down?</strong></h5> 
<p>OPNX was led by CEO Mark Lamb, who had previously worked with CoinFlex. CoinFlex creditors are reportedly suing Lamb. They claim the switch from CoinFLEX to OPNX was unauthorized.</p> 
<blockquote class="twitter-tweet" data-width="550" data-dnt="true"> 
 <p lang="en" dir="ltr"><img src="https://s.w.org/images/core/emoji/14.0.0/72x72/2696.png" alt="⚖" class="wp-smiley" style="height: 1em; max-height: 1em;"> Creditors of Struggling Crypto Exchange CoinFLEX Sue CEO and Seek Funds from ‘Bitcoin Jesus’ Roger Ver</p> 
 <p>Creditors of CoinFLEX sue CEO Mark Lamb and Roger Ver, alleging breach of unauthorized use of company assets.<a href="https://twitter.com/hashtag/CryptoNews?src=hash&amp;ref_src=twsrc%5Etfw">#CryptoNews</a> <a href="https://t.co/kwlamOHI6a">https://t.co/kwlamOHI6a</a></p> 
 <p>— Cryptonews.com (@cryptonews) <a href="https://twitter.com/cryptonews/status/1717571649027862854?ref_src=twsrc%5Etfw">October 26, 2023</a></p>
</blockquote> 
<p><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></p> 
<p><span style="font-weight: 400;">Shortly before announcing its closure, OPNX attempted and failed to purchase the defunct cryptocurrency lender Hodlnaut. Surprisingly, the exchange announced in November that it had secured a license to operate in Lithuania, making its closure a big surprise to its community. Until now, there is no formal explanation for its decision to shut down.&nbsp;</span></p> 
<p><span style="font-weight: 400;">Some of the platform’s users expressed shock at the announcement, and some have proposed possible reasons for the closure. One of the theories states that the founders have turned their focus to their new <a href="https://www.altcoinbuzz.io/?s=derivate+exchange" target="_blank" rel="noopener">derivative exchange</a>.</span></p> 
<blockquote class="twitter-tweet" data-width="550" data-dnt="true"> 
 <p lang="en" dir="ltr">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.</p> 
 <p>Customers were advised to settle their positions by Feb. 7 at 08:00 UTC and withdraw their money by… <a href="https://t.co/QHoEZGdogJ">pic.twitter.com/QHoEZGdogJ</a></p> 
 <p>— ICO Drops (@ICODrops) <a href="https://twitter.com/ICODrops/status/1753277693041488107?ref_src=twsrc%5Etfw">February 2, 2024</a></p>
</blockquote> 
<p><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></p> 
<p><span style="font-weight: 400;">The native token of the OPNX exchange, <a href="https://www.coingecko.com/en/coins/open-exchange-token" target="_blank" rel="noopener">OX</a>, collapsed shortly after the news spread on X. OX slumped 38% from $0.01 to $0.006 in less than an hour.</span></p> 
<p><a href="https://www.patreon.com/altcoinbuzz" target="_blank" rel="noopener"><img decoding="async" class="aligncenter wp-image-124240" src="https://www.altcoinbuzz.io/wp-content/uploads/2023/09/image-7-1-1-300x37.jpg" sizes="(max-width: 714px) 100vw, 714px" srcset="https://www.altcoinbuzz.io/wp-content/uploads/2023/09/image-7-1-1-300x37.jpg 300w, https://www.altcoinbuzz.io/wp-content/uploads/2023/09/image-7-1-1-1024x127.jpg 1024w, https://www.altcoinbuzz.io/wp-content/uploads/2023/09/image-7-1-1-768x95.jpg 768w, https://www.altcoinbuzz.io/wp-content/uploads/2023/09/image-7-1-1-696x86.jpg 696w, https://www.altcoinbuzz.io/wp-content/uploads/2023/09/image-7-1-1-1068x132.jpg 1068w, https://www.altcoinbuzz.io/wp-content/uploads/2023/09/image-7-1-1.jpg 1197w" alt="Coins" width="714" height="88"></a></p> 
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<h5><strong>Disclaimer</strong><br> The information discussed by Altcoin Buzz is not financial advice. This is for educational, entertainment, and informational purposes only. Any information or strategies are thoughts and opinions relevant to the accepted levels of risk tolerance of the writer/reviewers and their risk tolerance may be different than yours. We are not responsible for any losses that you may incur as a result of any investments directly or indirectly related to the information provided. Bitcoin and other cryptocurrencies are high-risk investments so please do your due diligence. Copyright Altcoin Buzz Pte Ltd.</h5> 
<p>The post <a href="https://www.altcoinbuzz.io/cryptocurrency-news/opnx-to-shut-down-on-february-14th/">OPNX to Shut Down on February 14th.</a> appeared first on <a href="https://www.altcoinbuzz.io">Altcoin Buzz</a>.</p>

OPNX to Shut Down on February 14th.

Altcoin Buzz

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