According to a recent press release, users who had assets on the bankrupt crypto exchange FTX and lender Celsius Network can now trade their claims on the Open Exchange (OPNX).
FTX owes consumers up to $8 billion after collapsing in November, precipitating a worldwide crypto market drop. According to the bankruptcy petition, Celsius owes its subscribers over $4.7 billion. Resolving bankruptcy claims can be time-consuming. Folkvang, a Cayman Island-based trading firm, told CoinDesk in February that it expected the resolution of its FTX claim, which wiped out half of its trading equity, to take up to eight years. Users can avoid the waiting period by cashing in their claim on OPNX. On OPNX competitor Claims Market, claims are now selling for roughly $0.30 per dollar.
“With claim tokenization, we are offering customers immediate liquidity, the chance to regain control over their funds, and participate in market opportunities once again,” “OPNX founder Mark Lamb reiterated”. When users sell their claim, they will receive the platform’s native tokens, reborn OX (reOX), or oUSD, the platform’s profit-and-loss currency. The tokens can be used as collateral for trading on OPNX.
CoinFlex’s Mark and Leslie Lamb, along with Three Arrows Capital’s Kyle Davies and Su Zhu, co-founded OPNX. Three Arrows Capital was one of the first dominos to fall in last year’s bitcoin bear market. It imploded because a highly leveraged trading technique flopped, causing a wave of liquidations across the industry.