The #bankruptcy claims exchange Open Exchange (OPNX), formed by Su Zhu, the creator of Three Arrows Capital, and others, got off to a shaky start, with only $13.64 in first-day trading activity. However, today, this figure has risen to more over $12,000, representing a 90,000% increase.

The exchange declared on Twitter that the fifth day's trading volume for #OPNX was $12,398. It is far better than the prior few days' performance.

OPNX had already been operational for 5 days. The exchange's Twitter account, which was set up by the founders of the insolvent #3AC #crypto hedge fund, was deactivated shortly after it went live. As stated by Su Zhu, the US government has shut down OPNX's official Twitter account, which includes a link to a Chinese Telegram group. He did not, however, specify why.

As stated by OPNX, claims trading for Celsius, FTX, and other estates will be available shortly.

The exchange would tokenize customer claims against insolvent bitcoin businesses, allowing them to utilize bankruptcy claims as collateral while trading indefinitely.

Under the most recent bankruptcy reorganization plan, CoinFLEX and FLEX tokens were transferred to OPNX.

The exchange also started granting monthly subsidies of up to $500,000. The OPNX Market Maker Program compensates eligible market makers for their liquidity with a $5,000 monthly stipend and a $50,000 to $500,000 bonus. The Market Maker Program is a well-known program that seeks to incentivize liquidity from certified market makers.

It is unclear whether this is the actual trade volume of this exchange, but in retrospect, it is a fairly low figure. A increase of more than 90,000% is meaningless since the exchange, when compared to other competitors, would not even reach the 200th position in terms of daily trading volume.

This news is republished from https://coinaquarium.io/

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The Monetary Authority of Singapore (MAS) has taken action against executives from Three Arrows Capital (3AC), Kyle Livingston Davies and Zhu Su, by imposing a nine-year ban due to regulatory violations.

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This ban, known as a prohibition order (PO), became effective on September 13, 2023. It’s important to note that Zhu Su and Kyle Davies were the founders of the now-bankrupt crypto hedge fund, Three Arrows Capital. Within the company, Zhu Su served as the CEO and director, while Kyle Davies held the positions of chairman and director

MAS Restricts Zhu and Davies

According to the statement, Zhu Su and Kyle Davies are now banned from engaging in “regulated activity” and are prohibited from managing, holding director positions in, or acquiring significant shares in any capital market services firm under the Securities and Futures Act (SFA).

Following MAS’s reprimand of Three Arrows Capital in June 2022 for providing false information to MAS, failing to report changes in Zhu’s and Davies’ directorship and shareholdings, and exceeding the allowable assets under management for a registered fund management firm, MAS initiated further investigations into the firm, Zhu, and Davies.

The regulator asserts that Three Arrows Capital did not inform the Monetary Authority of Singapore (MAS) about appointing a new fund manager, provided false information to MAS by claiming that this manager did not engage in regulated activities, and failed to establish an appropriate risk management framework.

Loo Siew Yee, Assistant Managing Director of Policy, Payments & Financial Crime, stressed the importance of senior management in fund management implementing strong risk management measures to protect investors.

She also expressed serious concern on MAS’s part regarding Zhu’s and Davies’ disregard for MAS’s regulatory requirements and their failure to fulfill their directorial responsibilities. MAS is committed to taking action against senior managers involved in such misconduct.

Effect on OPNX Exchange from MAS Actions?

The cryptocurrency exchange known as OPNX, which is registered in Seychelles, was co-founded by Kyle Davies and Zhu Su, who are also executives at 3AC. Following the prohibition order issued by Singapore authorities against these individuals, some are wondering if it will have any impact on the exchange.

It’s important to note that the ban prevents them from participating in financial markets within Singapore, so it may not directly affect the OPNX exchange.

However, it’s worth mentioning that on August 16, OPNX and its founders, including Kyle Davies and Su Zhu, were fined approximately $2.8 million by Dubai’s Virtual Assets Regulatory Authority (VARA). These fines primarily resulted from violations related to marketing and advertising standards established by the regulator.

Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.

#CryptoNews #cryptomarket #MAS #OPNX #Singapore

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“OPNX, started by the same people who started 3AC which later failed, got a big fine of $2.7 million from Dubai’s VARA, just one month after it started.”

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Dubai’s VARA fined OPNX, a cryptocurrency project made by the people who started the no-longer-running digital money fund Three Arrows Capital (3AC). They also fined the project’s creators and CEO after giving them a warning in May.

The bosses have paid their fine, but OPNX hasn’t paid yet. VARA might do something to the project because of this.

OPNX, CEO, and Founders Fined $2.7M by VARA

In a notice issued on Wednesday (August 16, 2023), VARA, the regulatory authority in Dubai, mentioned that OPNX had not yet paid a fine of 10 million AED (around $2.72 million). This fine was given to OPNX on May 2 for breaking market rules.

The regulator also gave a fine of 200,000 AED (about $54,450) to OPNX’s CEO Leslie Lamb, and the founders of 3AC, Su Zhu and Kylie Davies, along with OPNX’s co-founder Mark Lamb. This fine was given on the same day because they didn’t follow the rules about marketing and advertising. VARA said that all four of them have already paid their fines.

When OPNX started in April 2023, many people in the cryptocurrency community didn’t like it. This is because the platform was made by Zhu and Davies, who were behind another cryptocurrency project that failed and caused big losses for investors. Right now, OPNX’s trading activity is quite high, with an average daily trading volume of $102 million, a 24-hour trading volume of over $165.8 million, and a seven-day trading volume of $715 million.

Later on, OPNX said that they’re teaming up with a new partner called 3AC Ventures. This is a fund that invests in businesses, and it’s different from the old 3AC fund that stopped working. One of the people who started all this, Kylie Davies, said, “The old 3AC is gone, and now there’s 3AC Ventures.” The new fund’s website says it gives good profits compared to the risks, without borrowing money to invest. But many people in the community didn’t like this idea.

Dubai Gets Tough on OPNX

Before giving them fines, VARA scolded Zhu, Davies, Mark Lamb, Leslie Lamb, and Sudhu Arumugan. They scolded them because they were doing things in Dubai without following the rules, and they were also telling people about OPNX without getting permission from the regulators.

Now, VARA is thinking about doing more things to OPNX because they haven’t paid their fine. VARA might give them more fines or penalties, or do whatever it takes to get the money they owe. They could even involve the police or the courts if needed.

Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.

#CryptocurrencyNews #NFT #Web3 #Blockchain #OPNX

The owners of the bankrupt #3AC #crypto hedge fund launched the #OPNX exchange, whose Twitter account was deleted shortly after the exchange's first day of operation.

The new OPNX Exchange became operational on April 5, as noted in the post that was updated. This exchange is made for #trading #bankruptcy claims from declining crypto-institutions, like their insolvent hedge fund. It is unclear how bankruptcy pronouncements, which are extremely confidential and individualized, could be exchanged on a public exchange without the consent of bankruptcy trustees or the court.

CoinFLEX and FLEX tokens have been transferred to OPNX in accordance with the most recent bankruptcy reorganization plan. The "3AC brothers" exchange began accepting users and dispersing tokens on April 4.

Davies and Su chose to stick with the concept, nevertheless. The entire trading volume on OPNX for the previous 24 hours was $1.26 on the first trading day. OPNX quickly denounced the story, stating that the exchange's 24-hour trading volume was $13.64, or 982% greater than what was allowed. The following day, Su Zhu asserted that the exchange had facilitated $373 worth of trading.

Su Zhu said that the US authorities had shut down OPNX's official Twitter account at 3:00 PM on April 6 and included a link to the Chinese Telegram group. But he continued to withhold the precise reason.

Because the new project's goal was fundamentally flawed, it was frequently attacked and derided by the community. While creditors continue to demand roughly $3.5 billion from the founders of the 3AC hedge fund, they are working on their newest project.

This news is republished from https://coinaquarium.io/

LUNC and LUNA, the new tokens born after the collapse of Three Arrows Capital in the USA, announced an airdrop.

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Recently launched by Su Zhu, the founder of the struggling cryptocurrency firm Three Arrows Capital, cryptocurrency exchange OPNX declared its intention to airdrop memecoins to Terra (LUNA) and Terra Classic (LUNC) owners.

Nevertheless, the OPNX platform has faced criticism because of its founders‘ past, notably for not responding to a subpoena in the USA.

According to a statement from the OPNX Twitter account, the new token was developed shortly after messages circulated by other usernames of a Twitter analyst called FatMan Terra. Terra supporters claim that FatMan Terra spread false information leading to the collapse of the Terra ecosystem.

FatMan Terra gained attention on Twitter for making racist remarks under various usernames and facing allegations that the information shared during the Terra collapse was unsubstantiated.

OPNX plans to distribute FatManTerra Justice Tokens this week to LUNA and LUNC holders, alleging that FatMan Terra’s actions are harming the Terra ecosystem. The distribution method remains undisclosed.

OPNX clarified that this token will be a memecoin with no intrinsic value.

Additionally, Rollbit (RLB) users will also receive the token, following FatMan Terra’s claim of sharing confidential information about Rollbit. In response to this, the Rollbit founder revealed the messages FatMan Terra shared under other usernames.

FatMan Terra took to Twitter, accusing OPNX of perpetrating a new fraud in his name.

Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.

#Web3 #Blockchain #OPNX #LUNA #LUNC $LUNC $LUNA