A new exchange with unknown operators is marketing itself to OPNX users as the old exchange shuts down.
Kyle Davies’ and Su Zhu’s Open Exchange (OPNX) will close on Feb. 14, according to an email sent to users on Feb. 1 and seen by Cointelegraph. The firm’s trading will halt on Feb. 7, but withdrawals will remain open until Feb. 14.
Meanwhile, a mysterious new exchange called OX.Fun appears to have been created to replace OPNX. OX.Fun uses OPNX’s native Open Exchange Token (OX) as collateral for derivatives trading and has been heavily promoted within the official OPNX Telegram channel. However, details on who is running the exchange and their relationship with OPNX remain scarce.
OPNX was launched in April 2023 by Davies and Zhu, co-founders of the failed cryptocurrency hedge fund Three Arrows Capital (3AC). Mark Lamb and Sudhu Arumugam, co-founders of bankrupt crypto exchange CoinFLEX, were also among OPNX’s creators. It was initially marketed as a reboot of CoinFLEX. However, after the OPNX founders became embroiled in a legal dispute with CoinFLEX creditors, the OPNX team claimed the two exchanges were entirely separate entities.
