According to co-founder Su Zhu, the bankruptcy proceedings of defunct cryptocurrency exchange FTX has reached “recovery,” which is why OPNX, the exchange for trading bankruptcy claims established by the founders of failed cryptocurrency hedge fund Three Arrows Capital, is closing.
FTX announced earlier this week that it intended to reimburse all of its clients, but with market values from a time shortly after the cryptocurrency meltdown it precipitated. In the months after its collapse, FTX bankruptcy claims were trading at 13 cents on the dollar on certain exchanges.
“The recovery of FTX signifies the end of estates for crypto claims. The OX community is going to be all about Ox.Fun now, and congrats to the FTX estate holders on their complete recuperation,” Zhu wrote on Telegram in response to a statement made available by co-founder Kyle Davies. According to Davies, Ox has advisors in the two.Fun is a newly established derivatives exchange that is centred on the Ox token.
According to CoinGecko data, OPNX struggled to establish a presence in the market, and trade volume peaked at $624,093. Less than two dollars’ worth of trades were made in the platform’s first day following its much-publicized launch, according to reports at the time.
Creditors of the faltering Seychelles-based cryptocurrency exchange CoinFLEX are suing OPNX CEO Mark Lamb in Hong Kong on the grounds that the switch from CoinFLEX to OPNX was not authorised. Telegram issued a request for comment, but Lamb did not respond.