OPNX, a cryptocurrency (virtual asset) derivatives exchange, announced that it will terminate its services this month. According to The Block on the 1st (local time), OPNX announced the termination of operations and requested that all positions be liquidated by 5 p.m. on the 7th. did.
OPNX notified users to close all positions by 5pm on the 7th, Korean time. Afterwards, the platform will automatically liquidate positions, and users can withdraw their funds up to 14 days, it said.
OPNX is an exchange established by former members of the cryptocurrency hedge fund Three Arrow Capital (3AC). 3AC is a hedge fund that invested a significant amount of money in Terra-Luna, and filed for bankruptcy in July 2022. As a result, the termination of OPNX's service is expected to affect the cryptocurrency market. There are things to watch about the market and investors' reaction and impact on this.