OPNX Crypto Exchange Closes, Bitcoin And Ethereum Stay Strong

The new OPNX crypto exchange founded by Zhu Shu, founder of Three Arrows Capital, is closed. (Photo; Doc. Block tempo)

JAKARTA - The Open Exchange (OPNX), a crypto exchange founded by the founders of a hedge fund from Singapore, Three Arrows Capital (3AC), announced its sudden operational shutdown. This decision surprised many parties, considering that OPNX has just received an operating iziin in Europe and plans to launch new products. However, the closure of OPNX has not had a negative impact on the prices of Bitcoin (BTC) and Ethereum (ETH), which remain stable at high levels.

Informasi saja, OPNX adalah sebuah platform perdagangan kripto yang memungkinkan pengguna untuk memperdagangkan cryptocurrency. Termasuk klaim dari perusahaan kripto yang go bankrupt, seperti FTX, Voyager, dan Mt. Gox. OPNX didirikan oleh para pendiri Three Arrows Capital, sebuah hedge fund yang kolums pada tahun 2022.

OPNX recently announced that it would close its operations in February 2024, without providing clear reasons. In addition, OPNX also has a genuine token called OX, which is used to pay transaction fees and grant voting rights to its holder, reported Coindesk.

Since its inception, OPNX faced a number of challenges. One of them is the lack of interest from traders, who cast doubt on the legitimacy and liquidity of the stock exchange. In addition, OPNX is also linked to the 3AC hedge fund scandal, which went bankrupt in 2022 after experiencing heavy losses due to failed speculation. Founders of 3AC, Kyle Davies and Su Zhu, were also banned by Singapore's central bank from holding managerial positions in financial companies for nine years.

On January 31, 2024, OPNX sent emails to its clients, informing them that they would close all operations in the next two weeks. OPNX asked its clients to close all trading positions on February 7, and withdraw all funds from the stock exchange on February 14.

In addition, OPNX also asked its clients to export their transaction history data before February 14, because the data will not be available after the closure. OPNX did not explain the reasons for its closure, but there was speculation that this was related to the legal and regulatory pressures faced by OPNX and 3AC.

The announcement of the immediate closure of OPNX had an impact on the price of the OX token, which fell more than 14 percent in the past 24 hours to around US$0.0096 (Rp 150.45) at the time this report was made. OX's daily trading volume also jumped more than 500 percent to around US$5.9 million (Rp92.58 billion) during the early Asian session on Friday. Many OX investors panicked and tried to sell their tokens before the price fell deeper.

Bitcoin And Ethereum Uninvolved

Meanwhile, the prices of Bitcoin and Ethereum were not affected by the closure of OPNX. Bitcoin continued to hold at the level of US$43,000 (Rp674.85 million), an increase of more than 2.2 percent on February 1. Ethereum also rose more than 3.5 percent to around US$3,200 (Rp50.22 million) on the same day. The crypto community remains in show of strength despite the crisis in the crypto exchange sector.

One of the factors that support the increase in the price of Bitcoin and Ethereum is a high interest in new investment products, namely Exchange-Trad Funds (ETF) Bitcoin spot and Ethereum spot. ETF is an investment product that follows certain asset prices in real markets, and can be traded on stock exchanges. ETF Bitcoin spot and Ethereum spot were first approved by US regulators (SEC) on January 11, 2024.