OPNX Exchange for Trading Bankruptcy Claims Set to Close: What You Need to Know

According to CoinGecko data, the volume of OPNX reached a peak of slightly over $600,000.

OPNX founder Su Zhu says the shutdown occurred because FTX’s estate claims were considered as recovery.

📢 Breaking News: The OPNX exchange, founded by the masterminds behind the failed crypto hedge fund Three Arrows Capital, is shutting down! But why? Well, according to co-founder Su Zhu, it’s because the bankruptcy process of the notorious FTX exchange has finally reached “recovery.” Let’s dive into the nitty-gritty of what’s been happening with OPNX and FTX, and what this means for the crypto community.

FTX’s Plan for Full Repayment

Earlier this week, FTX made a bombshell announcement that they planned to repay their customers in full. 🤑 But hold on a second, not so fast! The repayment will be made using market prices from just after the massive crypto crash caused by FTX. Talk about convenient timing, right? 🤷‍♂️

FTX Bankruptcy Claims Trading at a Bargain (or Not)

During the months following its collapse, FTX bankruptcy claims were being traded at a meager 13 cents on the dollar on some platforms. 😱 Can you believe it? Those who were brave enough to jump in at that price might just be whistling their way to the bank now!

The End of Crypto Claims Estates

According to Su Zhu, the closure of the FTX recovery process marks the end of the reign of crypto claims estates. 🏰 But fear not, my fellow crypto enthusiasts! The OPNX community has turned their attention to Ox.Fun, the recently launched derivatives exchange that revolves around the Ox token. 🐂 Let’s raise a virtual toast to the FTX estate holders for their full recovery and wish the OPNX crew all the best in their new venture!

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OPNX’s Struggles in the Marketplace

Unfortunately, OPNX couldn’t quite find its footing in the broader market. Despite all the hype surrounding its launch, trading volume peaked at a mere $624,093, according to CoinGecko data. 😬 In its first 24 hours, the exchange only managed to scrape together a grand total of two dollars in trades. Yep, you read that right—two dollars! It seems like OPNX’s ambitions didn’t quite match up with reality. Maybe the founders should’ve taken a few pointers from Elon Musk on how to make an exchange go to the moon! 🚀

(CoinGecko)

Legal Troubles for OPNX CEO

But wait, there’s more drama! OPNX CEO Mark Lamb is currently facing some legal challenges in Hong Kong from creditors of the struggling CoinFLEX exchange. They claim that the transition from CoinFLEX to OPNX was unauthorized. Talk about complicating matters further! 🙄 As of now, Lamb hasn’t responded to requests for comment. Perhaps he’s looking for a good lawyer, or maybe he’s just busy plotting his next grand entrepreneurial venture?

Summary

In summary, the OPNX exchange, created by the founders of Three Arrows Capital, is bidding the crypto world adieu. FTX’s recovery process has marked the end of the crypto claims estates, and now the OPNX community is setting its sights on Ox.Fun. Although OPNX struggled to gain traction in the market, it definitely made headlines with its meager trading volumes. Let’s see what the future holds for the OPNX crew, and whether they’ll be able to bounce back stronger than ever.

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🤔 Q&A: Curious Minds Want to Know!

Q: Why is the OPNX exchange closing?

A: The closure is attributed to the “recovery” stage of the FTX bankruptcy process.

Q: How does FTX plan to repay customers?

A: FTX plans to use market prices from just after the crypto crash to fully repay its customers.

Q: Were FTX bankruptcy claims trading at a low price?

A: Absolutely! In the months following its collapse, FTX bankruptcy claims were trading at a mere 13 cents on the dollar on certain platforms.

Q: What is Ox.Fun?

A: Ox.Fun is a recently launched derivatives exchange that centers around the Ox token.

Q: What were the challenges faced by OPNX?

A: Despite a hyped-up launch, OPNX struggled to gain traction in the market, with trading volume peaking at only $624,093.

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🌐 Further Reading:

Want to delve deeper into the world of cryptocurrency exchanges and bankruptcy claims? Here are some valuable resources for you:

1. Hashkey becomes Crypto Unicorn with $100M Raise
2. Celsius Transfers $125M ETH to Exchanges amid FTX and Alameda Dump
3. Crypto Market Capitalization Surges 108% Despite Trading Volume Plunging 316%
4. The Dow of Crypto: Market’s New CoinDesk 20 Index Underpins Bullish Futures Contracts
5. 1inch DAO Votes to Hire Permanent Legal Counsel Amid Challenges of Decentralized Nature

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💬 What are your thoughts on the OPNX exchange calling it quits? Share your opinions and insights with us! And don’t forget to spread the word by sharing this article on social media. Let’s keep the conversation going! 🚀📈

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