Three Arrows Exchange's attempt at a rebirth has failed! OPNX will shut down in February.

The bankruptcy claims exchange "OPNX," founded by Su Zhu and Kyle Davies of Three Arrows Capital (3AC), has announced its closure in February. Users are required to settle their positions by 2/7 and withdraw funds and export historical data by 2/14.

Constant Controversy Since Inception, Self-Termination a Year Later

Su Zhu and Kyle Davies, founders of Three Arrows Capital, launched a cryptocurrency exchange named "OPNX" in partnership with the exchange CoinFlex in January 2023, offering a platform for trading bankruptcy claims in the cryptocurrency sector.

The touted bankruptcy claim trading feature includes FTX, MT.GOX, Celsius, and ironically, Three Arrows Capital's own claims are tradable as well. Co-founder Davies mentioned the development of a "Shadow Recovery Process" to facilitate "donations" to creditors of 3AC through OPNX.

However, besides the combined $1.1 billion assets of the founders being frozen, OPNX also faced a $2.7 million penalty from the Dubai crypto regulatory authority VARA for market misconduct.

Do creditors really need to pay? 3AC founders' exchange OPNX fined $2.7 million by Dubai authorities

OPNX has been mired in controversy since its launch. Previously, the official statement from OPNX claimed that investors included Taiwan's startup accelerator AppWorks, Susquehanna SIG, MIAX Group, China Merchants Bank, and trading firm DRW, among others, but several investment institutions have denied involvement.

Three Arrows' exchange OPNX exposed for falsely naming investors like AppWorks, institutions deny involvement, OPNX responds: Disgusted and disappointed

It appears that OPNX did not garner the support of investors and did not survive the crypto bull market, abruptly ending its exchange operations after just over a year.