The cryptocurrency platform OPNX, launched by the co-founders of the bankrupt hedge fund Three Arrows Capital, has announced its official closure by February 14th. In an email to users, OPNX strongly advised its users to settle all positions by February 7th and withdraw funds from the platform by February 14th, after which the fund withdrawal functions will be disabled.

OPNX, short for Open Exchange, is a hybrid of a bankruptcy claim filing platform and a cryptocurrency exchange, allowing users to exchange creditor claims of bankrupt crypto companies. The price of OPNX's own token OX sharply fell after the closure announcement, dropping 38% from $0.01 to $0.006 in less than an hour.

Su Zhu and Kyle Davies, co-founders of OPNX, established the exchange after the bankruptcy of their Singapore-based crypto hedge fund Three Arrows Capital, valued at $10 billion, which closed in June 2022. Following the hedge fund's collapse, Zhu and Davies disappeared, and Teneo, the firm responsible for liquidating 3AC's assets, was forced to summon them to court through messages on X, as they were hiding details of their physical location.

The closure of OPNX exacerbates the founders' problems. Currently, Teneo is trying to recover $1.3 billion directly from the founders, claiming that Zhu and Davies used significant investor funds after their hedge fund became insolvent. In September 2023, the Central Bank of Singapore issued nine-year prohibition orders for Davies and Zhu due to alleged violations of the country's securities legislation in 3AC.