FTX and Celsius customers will be able to sell their claims on the OPNX platform
Date: 2023-07-16 Author: Karina Ziganova Categories: BLOCKCHAIN, CRYPTO PAYMENTS
Cryptocurrency exchange Open Exchange (OPNX) will allow customers of the FTX platform and crypto lender Celsius Network to trade claim rights.
The OPNX platform is inviting stranded FTX customers to sell their claim rights. The platform offered immediate conversion to the platform's native token OX or stablecoin oUSD. In addition, FTX customers will receive 30 USDT for each application and a cashback of 5% of the request amount.
Tokens can be used as collateral for trading on OPNX. Claims can also be converted into reOX tokens with a bonus of 100% of the current OTC price.
"Claims can be converted to reOX or oUSD for crypto futures trading. This feature provides instant access to liquidity, making it easy to participate in trading," the Open Exchange said in a statement.
FTX's bankruptcy and billions of dollars in debt
In early November, FTX declared itself bankrupt due to a large deficit of assets to cover liabilities to customers for $ 8 billion. The media found out that the founder of the platform, Sam Bankman-Fried, arbitrarily disposed of clients' assets to cover the debts of his trading firm Alameda Research.
Later, the head of the firm, Caroline Ellison, admitted that the trading firm sometimes used money from FTX clients for its transactions. However, the scale and number of such transactions remain unknown. According to her, Bankman-Fried was aware of such a loophole. Both agreed to hide it from creditors and made false financial statements to hide the amount of Alameda's loans.
How OPNX works
The founders of the cryptocurrency fund, Su Zhu and Kyle Davis, created a new crypto exchange together with Coinflex's Mark Lamb in early April 2023. OPNX offers the ability to trade claims rights to bankrupt exchanges such as FTX. The process is the purchase and sale of claims made by creditors to debtors as part of bankruptcy proceedings.
However, the launch of the crypto platform caused a flurry of negativity from members of the crypto community. Some users claimed that no one would believe in the good intentions of the scammers.
