Connect with us

Hi, what are you looking for?


Three Arrows Co-Founders’ OPNX Exchange to Cease Operations

Crypto exchange OPNX launched by Three Arrows Capital co-founders has announced it will “officially cease operations and shut down in February 2024.”

The exchange said in an email it will cease all operations on 14 February. OPNX is asking customers to settle positions before 7 February, 8 AM UTC, adding that “after this deadline, any remaining open positions will be automatically settled.”

OPNX is an exchange founded by the founders of failed hedge fund Three Arrows Capital founder Su Zhu and co-founder Kyle Davies. OPNX was created for the trading of bankruptcy claims.

Email to customers announcing the closure of OPNX.

Doomed From The Start?

The launch of OPNX was headed by CoinFLEX CEO Mark Lamb. But in October creditors of CoinFLEX, a bankrupt exchange, sued Lamb and early investor Roger Ver, aka Bitcoin Jesus, alleging a breach of fiduciary duty over the new exchange OPNX launch and unauthorized use of company assets.

Three Arrows Capital Collapse

During the bull market, the founders were seen as influential figures but following Three Arrows Capital’s collapse they faced challenges, especially with their reputation in tatters.

Last year, Zhu and Davies, completed a funding round for OPNX exchange claiming to have raised $25m, but reportedly declined to say who the investors are.

The news that fundraising for the new exchange has been completed was shared in a Twitter thread by a popular community member and DeFi researcher Ignas, who said Kyle Davies had reached out to him and confirmed the news.

Back then, in his Twitter thread, Ignas confirmed that OPNX – or Open Exchange – will acquire all of CoinFLEX’s assets and that this would include “people, tech, and tokens.” He added that FLEX would be the new exchange’s own token.

On Wednesday, it emerged the High Court of Singapore turned down a plea from the now-defunct Three Arrows Capital to dismiss DeFiance Capital’s lawsuit filed against the fund.

In the recent hearing, Judge Chua Lee Ming gave greenlight to Defiance Capital in its $140 million dispute with Three Arrows Capital. Further, the court ordered the failed hedge fund to pay SG$15,000 and legal disbursements to DeFiance Capital.

Zhu and Davies’ return to the spotlight has been short-lived as OPNX prepares to cease operations.

The post Three Arrows Co-Founders’ OPNX Exchange to Cease Operations appeared first on Cryptonews.

You May Also Like

Editor's Pick

Real gross domestic product rose at a revised 3.2 percent annualized rate in the third quarter versus a 0.6 percent rate of decline in...

Editor's Pick

In Risky Business: Why Insurance Markets Fail and What to Do About It (Yale University Press, 2023), economists Liran Einav (Stanford), Amy Finkelstein (MIT),...

Editor's Pick

For years the North Korean playbook was obvious to the world. The Democratic People’s Republic of Korea wanted to be the center of attention....

Editor's Pick

After the final lecture of my Fall 2022 International Economic Policy course (an undergraduate offering meant to introduce non-economics majors to the economics of...

Disclaimer:, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

Copyright © 2023