Su Zhu to Launch OPNX Exchange for Claims Trading

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Bankrupt hedge fund co-founder 3AC Su Zhu informed on the opening of a waiting list for admission to the OPNX exchange. The platform will provide an opportunity to trade claims and derivatives on them.

Investors affected by the collapse of centralized intermediaries will be able to exchange stuck funds for cryptocurrency, or use them as margin collateral.

The OPNX website is greeted with the inscription: “Do you have money stuck in a crypto platform?”. Its creators estimate the claims market at $20 billion. Potential users include clients of FTX, Voyager, Celsius, Genesis, BlockFi, Mt.Gox and others who are “desperately looking for a solution.”

OPNX believes that nine out of ten affected customers have not filed a claim for reimbursement of their losses.

“Our vision is to uncover blocked claims, radical transparency. We spoke with creditors about several plans. Everyone we spoke to commented that this is the wisest way to use existing resources.” Zhu said.

According to him, OPNX will create fully decentralized storage and clearing services. In the future, it is planned to expand the product line, including stocks and currency.

The beta testing of the exchange will begin soon.

The platform will use the FLEX utility token. CoinFlex co-founder and CEO Mark Lamb supported the initiative of the 3AC founders.

In January, the media reported on the plans of Kyle Davis and Zhu to raise $25 million to launch the GTX cryptocurrency exchange with the active participation of CoinFlex representatives. In February, former BitMEX CEO Arthur Hayes pointed to the possible implementation of such plans.

Zhu noted that OPNX is a way to “redeemed one’s past mistakes.” Many community members met the project with skepticism and indignation.

TechCrunch founder Michael Arrington named initiative is “the saddest crap” he’s heard in a long time.

Macro Financial CEO Nick Bugalis urged consider anyone who provides funds to the founders of 3AC as a fraud.

In May 2022, after the collapse of the cryptocurrency market and the collapse of Terra, information appeared about the possible insolvency of Three Arrows Capital.

At the end of June, the British Virgin Islands court ruled to liquidate the hedge fund. In July, 3AC filed for bankruptcy in a New York court. According to Nansen, the organization managed about $10 billion in assets.

Zhu and Davis later attributed the collapse of 3AC to overconfidence.

Recall that in December, the liquidators of Three Arrows Capital recovered $35.6 million belonging to the hedge fund in banks in Singapore, and also filed a petition for the sale of a superyacht worth $30 million.

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