Three Arrow Capital (3AC), founded by Kyle Davies and Zhu Su, launched the cryptocurrency debt exchange Open Exchange (OPNX) in April last year. However, today it was reported that OPNX has temporarily suspended operations, causing a maximum drop of 38% in the governance token $OX.
Background:
Zhu Su, founder of OPNX, illegally operated and was fined £2.7 million in Dubai.
Context:
Su Zhu was arrested; OPNX token OX plummeted by 50% and many whales dumped again.
With a scale that once reached $10 billion, the cryptocurrency hedge fund Three Arrow Capital (3AC), founded by Kyle Davies and Zhu Su, launched the cryptocurrency debt exchange Open Exchange (OPNX) and issued a new governance token $OX in June.
Originally, it was thought that Zhu Su wanted to make a comeback with Open Exchange and create another platform where users could tokenize debt and cash out in advance. However, it was quickly announced today in an email sent to exchange users that Open Exchange (OPNX) would temporarily suspend operations.
Email from OPNX Exchange to users
It “strongly recommends” users to withdraw before 2/14
According to the email, OPNX cryptocurrency exchange issued a warning to its users. The exchange “strongly recommends” users to liquidate all positions on the platform before February 7th and requests fund withdrawals from the platform before February 14th. The notice states that after this deadline, users will no longer be able to make any withdrawal transactions.
In fact, OPNX has never publicly disclosed its headquarters location. However, according to government records, the exchange registered an office in Hong Kong’s central business district in May last year and listed a person named Rum as a director.
Interestingly, Zhu Su, co-founder of Three Arrow Capital (3AC), was arrested at Singapore’s Changi Airport in late September last year and sentenced to 4 months of imprisonment. Due to his good behavior in prison, he was released early in December.
After his release, Zhu Su recently openly stated on a podcast that prison life was good for sleep and had a regular routine. “Overall, it was a very pleasant experience.” However, it remains to be seen whether Zhu Su will be imprisoned again due to the potential aftermath of Open Exchange (OPNX).
Further reading:
Zhu Su from Three Arrow Capital enjoys prison life in Singapore: three meals plus fruits, the best sleep of his life
$OX plummets by 38%
Affected by this news, the governance token $OX of Open Exchange (OPNX) experienced a 20% drop in a 24-hour period, with a maximum drop reaching 38%, currently trading at $0.0083.
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