The OPENX exchange of the 3AC founders announced the closure
The OMX exchange, created by the founders of the bankrupt cryptocurrency hedge fund Three Arrows Capital (3AC), has announced its closure.
The platform asked users to close all positions by February 7 and withdraw funds within two weeks.
"We are deeply grateful to every member of the OPNX community for their dedication and trust. As we conclude this chapter, we appreciate the experience we have gained and look forward to the future with appreciation," the statement said.
The exchange, launched to trade the rights of claims against bankrupt crypto companies and derivatives based on them, was created by Kyle Davis and Suu Kyu in April 2023.
Their previous company, Three Arrows Capital, filed for insolvency in the United States in July 2022. According to Nansen, the organization managed assets worth about $10 billion. Prior to that, the court of the British Virgin Islands ruled on the liquidation of the hedge fund.
The founders of 3AC attributed the collapse of the project to overconfidence generated by a multi-year bull market.
Source: https://forklog.com/news/birzha-opnx-osnovatelej-3ac-obyavila-o-zakrytii
