The highly controversial “Open Exchange” (OPNX) project has successfully achieved its fundraising goal of $25 million, though the founders have yet to reveal their benefactors. Meanwhile, the collapsed crypto exchange CoinFLEX has revealed that its restructuring deal has been approved by a Seychelles court. OPNX is headed by once-failed Crypto CEOs, and is aiming to launch an exchange for trading the bankruptcy claims of other fallen crypto exchanges and firms. The exchange will abide by know your customer (KYC) rules, and will not be available to American citizens. Claims at OPNX will be grouped and tokenized to increase fungibility, and customers can even use bankruptcy claims as collateral to trade perpetual futures.
CoinFLEX’s CEO Mark Lamb joined the 3AC duo in creating OPNX after a failed loan agreement with Roger Ver rendered his company insolvent. The former exchange’s native token, FLEX, will now be used as OPNX’s main token. FLEX will be usable for paying fees and will be subject to a buy-back-and-burn using 20% of OPNX’s revenue. Additionally, FLEX may also experience a rebranding at a 1:1 ratio with a new token, much like the DeFi tokens AAVE/LEND.
Finally, Kyle Davies reportedly proposed suing Genesis and Grayscale in order to maximize the value of the bankruptcy estate, following a similar move from Alameda. This would allow creditors to receive the maximum value of their claims and ensure that those who have been let down by failed crypto exchanges and firms are not left out to dry.