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OPNX Exchange Opens with Low Trading Volume – OPNX Twitter Account Suspended and FLEX Token Loses 30%

OPNX, the new exchange platform established by Su Zhu and Kyle Davie of Three Arrows Capital, seems to have had a sluggish opening day with the FLEX token losing 30% of its value at one point. The exchange had a lackluster performance on its first day of operation, with the 24-hour trading volume for spot and futures trading reaching only $13.64 USD, according to the official announcement by the exchange.

In a previous report, CoinDesk had reported that the trading volume on OPNX in the first 24 hours was only $1.26 USD. However, OPNX immediately corrected this information. As of now, the OPNX Twitter account has disappeared.

Autism Capital, an account with over 200,000 followers, made a sarcastic comment about the situation, calling the exchange a “scam marketplace started by scammers to trade claims from other scams that may also likely scam that then gets suspended off of Twitter for violating rules.”

OPNX is the latest product from the leaders behind Three Arrows Capital (3AC), which has now gone bankrupt as a result of the cryptocurrency crisis of 2022. Zhu Su and Kyle Davies, along with two other founders of CoinFLEX, established OPNX to operate in the market for trading crypto asset claims from bankrupt companies like FTX, Genesis, Celsius, Voyager, BlockFi, and 3AC.

As per the latest restructuring plan, CoinFLEX and the FLEX token have been transferred to OPNX. On April 4th, the exchange officially launched and gave away tokens to its users. However, the FLEX token has been continuously losing value in the last 24 hours, at one point dropping by almost 30%, and is currently trading at around $1.759 USD.

FLEX/USDT 4 hours-chart on MEXC | Source: TradingView

The launch of OPNX has been met with mixed reactions, with some expressing skepticism about the platform’s legitimacy and others seeing it as an opportunity to trade on distressed assets. The cryptocurrency market has been volatile and unpredictable, and the launch of OPNX highlights the potential risks involved in trading on new and untested platforms.

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