The crypto exchange created by the founders of now-defunct hedge fund Three Arrows Capital (3AC) is shutting down just a year after its launch.
In a e-mail Open Exchange (OPNX), shared by users on social media platform X, says it will officially cease operations and close in February.
OPNX says users should arrange their positions by February 7, download their historical data and withdraw their funds by February 14.
The platform says open positions will be automatically settled after February 7 and withdrawal functionality will be disabled by February 14.
“We are doing everything we can to ensure an orderly closure for all users.
We are deeply grateful to every member of the OPNX community for their dedication and trust.”
3AC founders Su Zhu and Kyle Davies launched OPNX aims to make it the first crypto exchange to support bankruptcy claims trading, while creditors of failed crypto companies including FTX, Voyager, Celsius, Genesis, BlockFi, Mt. Gox and 3AC, find alternative solutions.
Singapore-based Three Arrows Capital previously managed more than $10 billion in assets, but went bankrupt during the crypto bear market.
Say the OPNX website,
“We believe that founders who reach great heights and then fall learn the most important lessons and therefore can make the most contributions. It is our responsibility to use the wisdom gained to build a more robust, open and transparent financial world for all.”
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