Who can believe this. OPNX, the crypto derivatives exchange created by the people who ran and then blew up the Three Arrows Capital hedge fund, will be shutting down. The exchange was originally announced in January 2023, with a tentative name of "GTX" — "because G comes after F", they said. It was created as an evolution of the CoinFLEX exchange, which had become insolvent and halted withdrawals in June 2022. Much of the exchange's focus was on allowing creditors of bankrupt cryptocurrency projects to trade their claims — including claims on Three Arrows Capital.
Now, as Su Zhu emerges from several months in jail, he, Kyle Davies, and the other executives of OPNX are shutting down the project. Traders have a week to settle their positions, and another week before the platform closes entirely.
Both Zhu and Davies are, of course, trying to promote a new crypto derivatives trading project.