The cryptocurrency landscape has been marred by fraudulent activities, with numerous investors bearing the brunt of such schemes. Recently, the closure of the cryptocurrency exchange OPNX has been announced, adding to the trail of scandals. Kyle Davies and Zhu Su, notorious for their roles in the crypto space, have been implicated in these fraudulent activities, which have not only affected investors but also provided fuel for crypto critics.
End of OPNX and Arrival of OXFun
Davies and Zhu Su, the co-founders of the embattled hedge fund Three Arrows Capital (3AC), initially revealed the imminent shutdown of their Open Exchange (OPNX). With trading set to cease on February 7, the platform remains open for withdrawals until February 14. Meanwhile, a new exchange, OXFun, has appeared, heavily promoted within OPNX’s communication channels, although its ties to OPNX are unclear.
Investor Alert: Tread with Caution
3AC, previously led by the same individuals, has a notorious history of defrauding clients and triggering a domino effect of bankruptcies among crypto lenders. Zhu’s recent arrest for violating a court order related to 3AC’s bankruptcy, and a similar warrant for Davies, have raised alarms. Despite being associated with fraud accusations in numerous jurisdictions, their OPNX platform succeeded in generating significant trading volume.
Now, the emergence of OXFun linked to the infamous duo demands vigilance from the investing public. OXFun presents itself with a DeFi-like user interface, but operates with a centralized model that could potentially mislead users accustomed to decentralized exchanges.
Given the founders’ history of deceit, investors are advised to exercise extreme caution and possibly avoid involvement with the nascent OXFun platform, which seems to have roots in the fraudulent practices of 3AC.
