Open Exchange (OPNX) is a crypto exchange created by the founders of Three Arrows Capital (3AC) to trade property rights on bankrupt platforms in 2022.
Late on February 9, Three Arrows Capital (3AC) founder Zhu Su shared on his Twitter his official return to the cryptocurrency market through the establishment of Open Exchange (OPNX), an exchange. translates property rights in crypto companies that went bankrupt in 2022 such as FTX, Genesis, Celsius, Voyager, BlockFi and even… Three Arrows Capital.
1/ june/july was for me, kyle total & our darkness after our bet on hastened crypto adoption proved fatally wrong
we were crushed by the collapse of the market & the way our misplaced conviction had contributed to the pain https://t.co/eO5jLjrLU7
— Zhu Su (@zhusu) February 9, 2023
Information about OPNX was actually leaked in January 2023, when OPNX’s fundraising profile was spread on Twitter. The team behind OPNX includes the two founders of Three Arrows Capital, Zhu Su and Kyle Davies, and two other founders of CoinFLEX, a crypto exchange that has also blocked withdrawals since the middle of last year. OPNX then used the name “GTX” to mock FTX, wanting to raise $25 million.
By the beginning of this week, there was information that Zhu Su’s crypto exchange had finished raising capital and suddenly announced its launch on February 9.
In a series of Twitter posts, Zhu Su recounted the “darkest” days of his life, when Three Arrows Capital fell into crisis in June 2022 and had to declare bankruptcy in July with a large amount of debt. up to $3.5 billion.
However, after meeting with the CoinFLEX team, the two sides came up with the idea of exploiting the crypto asset rights trading array of bankrupt companies, with an estimated market value of up to 20 billion USD.
Open Exchange asserts that up to 90% of damaged investors have not yet filed a lawsuit to claim assets. Instead, they can come to OPNX, use the system of declaration and proof of ownership of assets in bankrupt crypto companies, and then trade that debt without having to wait for the procedure. long-term bankruptcy.
The founder of Three Arrows Capital affirmed that OPNX will be a new generation cryptocurrency exchange, with highlights including:
- Supports multiple products including spot, futures, claims, custody and stock/forex trading;
- Own smart UI interface to meet the needs of traders;
- Using a Proof-of-Reserves mechanism based on zero knowledge proof technology, allowing users to check their own cash flow from blockchain data to prove asset reserves;
- CoinFLEX’s FLEX token will be the main coin used on OPNX.
However, OPNX is currently not officially launched, but only allows users to enter an email to receive notifications about when the exchange opens.
12/ i believe those who fail often learn the most about risk & hubris. while those who haven’t experienced it are often destined to learn it later. those that do have a responsibility not to quit, but instead to take the pain & build anew, never compromise on what they learned
— Zhu Su (@zhusu) February 9, 2023
“We are proud of what we have done, but will let our platform confirm its success by attracting investors and people who want to trade property rights. Action and contribution is what matters.
I believe that those who fail learn the most about risk management. Those who have not, will have to learn that lesson later. Those who have gone through that have a responsibility not to give up, but to endure the humiliation and rebuild from scratch, not to waste that lesson.”
Open Exchange’s Twitter states:
15/ Beyond mere proof of reserves/liability, we will ensure that users do not need to trust what’s inside the box.
Everything about user funds will be completely auditable, transparent and provably affected.
make sure that the mistakes of 2022 are never repeated again.
— OPNX Official (@OPNX_Official) February 9, 2023
“In addition to providing proof of asset reserves and debt reporting, we will ensure users do not need to put their trust in the internal workings of the exchange.
All user funds will be fully audited, transparent and untouched.
We make sure not to repeat the mistakes of 2022.”
Despite this, the majority of the crypto community is sending taunts to Zhu Su, Three Arrows Capital and OpenExchange under Twitter posts, and repeatedly mentioning that Zhu Su and Kyle Davies are deliberately evading creditors and ignoring ignore a request from the bankruptcy court.