End of the Line for OPNX, Built by Three Arrows Co-Founders Zhu and Davies

OPNX has declared it volition cease each activities adjacent month. This determination comes arsenic co-founders Su Zhu and Kyle Davies grapple with ineligible repercussions stemming from their erstwhile venture’s failure, Three Arrows Capital.

OPNX to Shut Down Amid Three Arrows Co-Founders’ Legal Troubles

Open Exchange (OPNX), a level unsocial for trading bankruptcy claims alongside its crypto speech operations, has announced it volition cease each operations by Feb. 14. The closure comes aft a tumultuous play for the co-founders, Kyle Davies and Su Zhu, who are besides known for their engagement successful the illness of the Singapore-based crypto hedge fund, Three Arrows Capital (3AC).

According to an email sent to OPNX users, the speech has urged its clientele to adjacent each positions by Feb. 7 and to guarantee that each funds are withdrawn by the shutdown day of Feb. 14, aft which the withdrawal functionality volition beryllium disabled. This quality has sent shockwaves done the crypto community, with the platform’s autochthonal OX token experiencing a precipitous 38% driblet successful worth wrong an hr of the announcement.

OPNX was established aft the bankruptcy of 3AC, which was erstwhile a $10 cardinal hedge money that collapsed successful June 2022 amidst the broader crypto marketplace downturn. OPNX offered a caller attack by allowing users to commercialized creditor claims of bankrupt crypto companies, a work that became progressively applicable arsenic the manufacture faced a increasing fig of insolvencies.

The downfall of 3AC and the consequent motorboat of OPNX were marked by contention and ineligible challenges for Zhu and Davies. The duo faced aggravated scrutiny and ineligible actions, including a melodramatic infinitesimal erstwhile they were subpoenaed via messages connected societal media level X by Teneo, the steadfast tasked with liquidating 3AC’s assets. Teneo’s efforts were analyzable by the founders’ archetypal disappearance and their alleged concealment of their whereabouts.

Further complicating matters, Singapore’s cardinal slope issued nine-year prohibition orders against Davies and Zhu successful September 2023 for alleged violations of the country’s securities laws related to their operations astatine 3AC. Su Zhu was apprehended successful Singapore airdrome and sentenced to 4 months successful situation for failing to cooperate with bankruptcy proceedings. Additionally, a British Virgin Islands tribunal froze much than $1 billion successful assets tied to Zhu, Davies, and Davies’ wife, Kelly Chen, arsenic ineligible proceedings against them continued to unfold.

Will Su Zhu and Kyle Davies effort to motorboat different project? Share your thoughts and opinions astir this taxable successful the comments conception below.