OPNX, a specialized exchange for trading bankruptcy claims against defunct cryptocurrency firms, has added listings for FTX and Celsius claims. Users can convert these claims into collateral in the form of OPNX’s native reborn OX (reOX) tokens or oUSD, the credit currency, which can be used to trade crypto futures on the platform.
In collaboration with Heimdall, OPNX tokenizes the claims, handles their onboarding, and verifies users. Initially, the claims are converted into reOX tokens at a bonus of 100% of the market price, gradually decreasing to a 0% bonus over a span of 50 weeks. For example, during the first week, users will receive double the market price for their FTX claim.
OPNX provides an illustrative example where a $1 million FTX claim priced at 30 cents on the dollar would translate to $600,000 worth of reOX claim amounts. If a user’s claim is determined to have preference, the equivalent value in issued reOX tokens will be reclaimed from the user. All claims are transferred and stored in a dedicated trust.
Founded by Kyle Davies and Zhu Su, co-founders of bankrupt Singaporean hedge fund Three Arrows Capital (3AC), OPNX saw minimal trading volume of just $13.64 on its first day but experienced significant growth. By late June, the exchange’s daily volume had surpassed $30 million.
It’s worth noting that FTX faces a demand of $44 billion in unpaid taxes from the U.S. Internal Revenue Service, while Celsius received a $4.7 billion fine from the U.S. Federal Trades Commission on a suspended judgment.
Categories:
- Cryptocurrency Exchanges
- Tokenization of Bankruptcy Claims
- Crypto Futures Trading