3AC co-founders' OPNX exchange onboards FTX, Celsius bankruptcy claims

OPNX, an speech dedicated to the trading of bankruptcy claims against fallen crypto firms, has listed FTX and Celsius claims.

According to the July 14 announcement, FTX claims specifically tin beryllium instantly onboarded and converted into collateral successful the signifier of OPNX's autochthonal reborn OX (reOX) tokens oregon oUSD, its recognition currency. Users tin past commercialized crypto futures utilizing reOX arsenic collateral. The claims are tokenized successful concern with Heimdall, which besides handles onboarding and idiosyncratic verification. Developers wrote:

"Claims volition initially beryllium converted into reOX tokens astatine a 100% bonus of the marketplace price, which volition converge to 0% bonus implicit a play of 50 weeks. This means, during Week 1, users volition person treble the marketplace terms for their FTX claim."

In an illustrative illustration by OPNX, a $1 cardinal FTX assertion with a assertion terms of 30 cents connected the dollar would person $600,000 successful equivalent reOX assertion amounts. "In the lawsuit that a user's assertion is determined to person preference, an equivalent dollar magnitude of the issued reOX tokens volition beryllium reclaimed from the user," the speech wrote. Claims are transferred and stored successful a abstracted trust. 

OPNX was founded earlier this twelvemonth by Kyle Davies and Zhu Su, co-founders of bankrupt Singaporean hedge money Three Arrows Capital, besides known arsenic 3AC. On its archetypal time of operations, OPNX saw a meager $13.64 successful full measurement traded. By precocious June, regular speech measurement had surpassed $30 million. 

Cointelegraph reported successful May that the U.S. Internal Revenue Service is seeking $44 cardinal successful unpaid taxes from FTX's bankruptcy. Likewise, the U.S. Federal Trades Commission issued a $4.7 cardinal fine against Celsius connected July 13 connected a suspended judgment. 

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