OPNX Now Offers Immediate Liquidity for FTX and Celsius Network Bankruptcy Claims
- The Open Exchange (OPNX) has introduced trading for bankruptcy claims of FTX and Celsius Network, allowing users to monetize their claims and regain control over their funds.
- FTX owes up to $8 billion to customers after its collapse, while Celsius Network owes around $4.7 billion, leading to the availability of immediate liquidity for these claims on the exchange.
- By selling their claims on OPNX, users receive native tokens (reOX or oUSD) and can utilize them as collateral for trading, offering an alternative to waiting for the lengthy process of resolving bankruptcy claims.
In a move aimed at providing relief to users affected by the collapse of crypto exchange FTX and lender Celsius Network, the Open Exchange (OPNX) has announced the availability of trading for their bankruptcy claims. This development allows users to monetize their claims and regain control over their funds, according to a press release.
FTX, which faced a substantial collapse in November, owes its customers as much as $8 billion, contributing to a broader market downturn. On the other hand, Celsius Network owes around $4.7 billion to its users, as stated in its bankruptcy filing. With the process of resolving bankruptcy claims often taking considerable time, OPNX offers an alternative by providing immediate liquidity for these claims.
By selling their claims on OPNX, users will receive the platform’s native tokens, reborn OX (reOX) or oUSD, the profit-and-loss currency of the platform. These tokens can then be utilized as collateral for trading on OPNX. Claims are currently trading at approximately $0.30 per dollar on OPNX’s competitor, Claims Market.
Mark Lamb, the founder of OPNX, emphasized the benefits of claim tokenization, highlighting that it provides customers with liquidity, control over their funds, and the opportunity to participate in market activities once again. The platform was co-founded by Mark and Leslie Lamb, known for their involvement with CoinFlex, alongside Kyle Davies and Su Zhu from Three Arrows Capital.
It’s worth noting that the value of the claim tokens on OPNX may fluctuate based on market conditions and the progression of bankruptcy procedures. FTX and Celsius Network both filed for Chapter 11 bankruptcy protection in the latter half of the previous year as part of their efforts to pursue corporate rehabilitation.
While OPNX aims to offer a solution for users impacted by the bankruptcies, it should be noted that Celsius Network recently faced legal challenges. The company was indicted by regulatory authorities, including the US Securities and Exchange Commission (SEC) and the Department of Justice, and its former CEO, Alex Mashinsky, was arrested on fraud charges. However, Celsius assured its customers that the Chapter 11 bankruptcy plan would not hinder the reorganization or recovery of customer funds.
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