OPNX is ‘dead’ but Zhu and Davies aren’t quite finished

The cryptocurrency and bankruptcy claims trading platform OPNX, created by Su Zhu, Kyle Davies, Mark Lamb, and Leslie Lamb, will officially cease to exist on February 24, according to X (formerly Twitter) account @tier10k.

But while the current platform will be shutting down, the disgraced entrepreneurs behind it have pivoted to a decentralized exchange that will utilize their cryptocurrency, OX, to discount trades.

By creating a decentralized exchange as opposed to a bankruptcy claims platform, the downtrodden founders are able to avoid applying for necessary licenses and permits in numerous jurisdictions, freeing them of responsibility and risk while providing all the rewards.

OPNX is having its CoinFLEX moment

Promotional collapse

Three of the four founders — Zhu, Davies, and Lamb — took to X to vaguely discuss their decentralized exchange and post awkward metaphors about their big comeback. The new exchange is making bold promises already, including 200% interest on staking its cryptocurrency, huge referral fees, and incredibly liquid books.

There is no longer any mention of claims trading, which was the original concept for the OPNX platform.

While the announcement of the closing of OPNX was met largely with celebration on X, few commentators or influencers seemed to understand that the serial scammers weren’t simply shutting the network down, but instead herding any users left to a new entity where they would no longer be exposed to existential legal risks.

While the price of their token fell nearly 40% when news of the closure was initially reported, it has rebounded somewhat — the coin is trading at $0.009 at the time of writing.

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