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Just Opened OPNX

A new crypto exchange which allows trading claims was launched a few weeks ago and has already gotten into some trouble.

OPNX was opened on April 4, 2023. It is built for “over 20M users who currently have $20 billion of claims trapped in bankruptcy proceedings”, - says the website of the newly launched exchange OPNX. The idea is to use your claim as portfolio margin or convert it into crypto via public orderbooks.

Trade of claim on OPNX. Source:
Trade of claim on OPNX. Source:

The idea is smart: right now there are a lot of “goods” to trade on that kind of exchange, but the question is, who would buy the claims taking into account that bankruptcy proceedings may take years?

Now you can only trade spots and futures on the exchange. Claims aren't listed on OPNX yet, but they're coming soon, the exchange promises. Celsius will be the first one, according to Su Zhu trading will start this May. We’ll keep an eye on it and will let you know as soon as the option of trading out your “problems” becomes available.

Claims to trade on OPNX. Source:
Claims to trade on OPNX. Source:

The most controversial fact is that OPNX was launched by Su Zhu and Kyle Davies, the founders of Three Arrows Capital (3AC) which defaulted in 2022 dragging Voyager and Celsius along and then were accused by the crypto community of running away from legal action. Funny fact: 3AC claims will be traded on OPNX as well. Another founder is Mark Lamb, the CEO of CoinFLEX, which is now going through restructuring (actually, CoinFLEX became the basis for OPNX). And maybe “controversial” is not the right word:

The founders’ bad reputation predictably led to some troubles for the project. As soon as OPNX announced  its investors, many of them including DRW, Nascent, MIAX and Susquehanna started denying its participation in Su Zhu’s new platform.

According to OPNX’s intern, investments were both directly into OPNX, as well as through CoinFLEX which might have led to this confusion. But we believe that such confusion is not possible when we are talking about $25 million in funding. More likely the investors just didn’t want to have anything in common (at least publicly) with notorious OPNX founders.

OPNX reacted quite calmly insisting on their transparency and saying that that kind of investors’ behaviour is “disgusting as it is disappointing” and promised to “review their investments”.

This threats sounded a bit childish and also caused some discontent:

Right now the OPNX website still lists some of the abdicated investors.

OPNX investors. Source:
OPNX investors. Source:

Well, the supply on the exchange will definitely be enormous taking into account all the recent collapses. But do you think, there will be enough demand for claims? And would you trust your funds to Su Zhu and the team again? Share your thoughts in the comments and follow up for more.