New Exchange OPNX Twitter Account Deleted After 24h Volume Reached $13.64
- The new OPNX exchange of the founders of bankrupt crypto hedge fund 3AC ended its first day with a daily trading volume of $13.64.
- Su Zhu said that OPNX’s official Twitter account has been deactivated and attached a link to the Chinese Telegram group.
The Twitter account of the OPNX exchange, founded by the founders of the failed 3AC crypto hedge fund, was deleted shortly after its first day of opening.
As was updated in the previous post, the new OPNX Exchange went live on April 5. This exchange is designed to trade bankruptcy claims of crypto-institutions decline, such as their bankrupt hedge fund. It is not clear how the highly personal and private nature of bankruptcy declarations could allow them to be traded on a public exchange without the prior approval of bankruptcy trustees or the court.
According to the latest bankruptcy restructuring plan, CoinFLEX and FLEX tokens have been transferred to OPNX. On April 4, the “3AC brothers” exchange officially went into operation and gave away tokens to users.
However, Davies and Su decided to continue with the idea. On the first trading day, the total trading volume on OPNX over the previous 24 hours was reported as $1.26. The report drew swift condemnation from OPNX, which clarified that the exchange’s 24-hour trading volume was $13.64, or 982% more than regulated. The next day, Su Zhu claimed that the exchange had facilitated a trading volume of $373.
However, at 03:00 PM on April 6, Su Zhu said that the US government had stopped OPNX’s official Twitter account and attached a link to the Chinese Telegram group. But he still did not reveal the exact cause.
The new project constantly received much criticism and ridicule from the community because the purpose of the project was inherently wrong. The 3AC founders are working on their latest project while creditors still claim about $3.5 billion from their defunct hedge fund.
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