OPNX Founder Su Zhu Says Shutdown Due to FTX Estate Claims 'Recovery'

The bankruptcy procedure of the failing cryptocurrency exchange FTX has achieved "recovery," according to co-founder Su Zhu.

s a result, OPNX, which was established by the founders of the now-defunct cryptocurrency hedge fund Three Arrows Capital, would be shutting down.

Although it will be utilizing market values from a period shortly after the crypto crisis it created, FTX said earlier this week that it intended to compensate its consumers in full. The months after FTX's failure saw its bankruptcy claims trade on certain marketplaces for thirteen cents per dollar.

Crypto claims estates have come to a close with the FTX recovery. According to a message sent by co-founder Kyle Davies on Telegram, Zhu announced that the OX community will be shifting their attention to Ox.Fun and congratulated the FTX estate holders on their complete recovery

A derivatives market centered on the Ox cryptocurrency, Ox.Fun, was just founded, and according to Davies, the two are advisers to it.

According to CoinGecko statistics, OPNX had a hard time breaking into the market and had a peak trading volume of $624,093

In the first twenty-four hours following its much-touted launch, CoinDesk claimed that fewer than two dollars' worth of trades were completed.

Creditors of the faltering cryptocurrency exchange CoinFLEX, located in the Seychelles, are suing OPNX CEO Mark Lamb in Hong Kong, claiming that the transfer from CoinFLEX to OPNX was unlawful. Lamb did not respond to a Telegram message seeking comment.

Keep an eye out for more updates!