OPNX, a specialized exchange for trading bankruptcy claims of failed cryptocurrency companies, has announced the listing of FTX and Celsius claims. Users can join immediately and convert their FTX claims into collateral in the form of OPNX's native reborn OX (reOX) token or oUSD, the exchange's credit currency. These claims can be used as collateral for trading cryptocurrency futures. The tokenization and onboarding process is facilitated by Heimdall, which also handles user verification.
The conversion of claims to reOX tokens will initially receive a market price bonus of 100%, gradually decreasing to 0% bonus over 50 weeks. This means that during the first week, FTX claims will receive double the market price value. For example, a $ 1 Million FTX Claim with A Claim Price of 30 Center for Converted to An Equivalent Rex Claim Amount of $ 600,000. IF A User's DEEMED to Have PR. IORITY, The Issued USD Equivalent of Reox tokens Will Be Recovered from the User. Claims are transferred and stored in a separate trust for security.
OPNX was founded earlier this year by Kyle Davies and Zhu Su, co-founders of the bankrupt Singaporean hedge fund Three Arrows Capital (3AC). Although it had a modest start, with a total transaction volume of only $13.64 on its first day of operation , OPNX has experienced significant growth, with a daily transaction volume exceeding $30 million by the end of June.
It is worth noting that FTX has faced a tax recovery attempt by the IRS, seeking to collect $44 billion in unpaid taxes, while the $4.7 billion fine against Celsius issued by the FTC on July 13 has been put on hold. The inclusion of FTX and Celsius claims on OPNX provides an avenue for users to potentially recover some value from these failed cryptocurrency companies and participate in trading cryptocurrency futures using their claims as collateral.
