The crypto market witnessed significant turmoil in 2022, with the downfall of several key players who will be remembered for their negative impact. Among them were figures such as Do Kwon and Alex from Celsius, but Zhu Su and his partner Kyle stand out for their extreme actions, including defrauding institutional clients.
OPNX’s Final Curtain Call
OPNX, an exchange that had previously rebranded in a manner reminiscent of FTX, is now ceasing operations. Zhu Su and his team were previously flagged for their dangerous practices, which posed a threat to the stability of the crypto lending sector and were considered a high-risk exchange.
The closure of OPNX was announced on the exchange’s website, with operations set to end within February. The exit of such harmful actors from the crypto market is seen as a positive development, emphasizing the need for investors to remain vigilant, especially towards entities with questionable histories.
The history of failures in the crypto market, such as Do Kwon’s involvement in another unstable stablecoin project prior to the collapse of the $40 billion Terra ecosystem, serves as a warning. Zhu Su’s decision to shut down OPNX preemptively before a potential larger fraud case unfolds is a relief to the market.
In conclusion, the closure of OPNX underscores the importance of due diligence and caution in the crypto market, particularly in light of the past actions of its founders. The market’s ability to learn from such events is crucial for its future stability and the protection of investors.