The bankruptcy crypto companies claims trading platform Open Exchange (OPNX), founded by Zhu Su, the founder of Three Arrows Capital, announced that they are opening up the claim buying market from a limited number of participants to anyone.
OPNX users will have the opportunity to speculate on claim tokens, the value of which may fluctuate dramatically due to market conditions or the latest progress in bankruptcy proceedings.
For example, in the Celsius Network bankruptcy case, the market rebound of the crypto assets held by the bankrupt company could cause the value of Celsius claim tokens to skyrocket, or the delay in litigation proceedings, due to investors believing in higher opportunity costs, could lead to a price decline. In the FTX bankruptcy case, the US Internal Revenue Service filed a $44 billion claim against FTX, prioritizing payment over creditors' claims, which could result in a significant devaluation of the related FTX claim tokens.
The exchange says that it allows the market to determine the fair value of claims at any given point in time.
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Exchanges
Three Arrows Capital
