OPNX to Purchase all of CoinFLEX’s Assets
Kyle, the creator of 3AC, has stated that OPNX payment network will purchase all of CoinFLEX’s assets, including personnel, technology, and tokens, and that FLEX is going to be their primary token. FLEX will be used to pay fees, and 20% of the revenue is spent on purchasing and burning FLEX. There are presently 100 million FLEX coins in circulation, 2 million of which have been burnt due to fees. This announcement was made in a tweet earlier today.
8/12 OPNX will acquire all assets of CoinFLEX including people, tech, and tokens.$FLEX will be their main token.
— Ignas | DeFi Research (@DefiIgnas) March 7, 2023
Due to the Recent Collapse of CeFi Firms, 20M Consumers Lost USD 20 Billion
When I tweeted this, Kyle Davies contacted me, DefiIgnas claimed. The fundraising agreement has been signed. Like most exchanges, they will not reveal the identity of the investors. The exchange, the collateral mechanism, and tokenomics were also described. The most recent bankruptcy proceedings of CeFi firms cost over 20 million subscribers $20 billion in USD. As people have observed in the MtGox 9-year process, bankruptcy cases may take years to conclude.
Hence, rather than waiting so long for the bankruptcy procedure to be over, millions of people are taken advantage of and sell their financial distress claims for pennies on the dollar. However, there is no straightforward mechanism to sell these claims, particularly for investors whose assets are tiny for OTC trades. Users will sign up through a Special Purpose Vehicle, sometimes known as a bankruptcy-remote organization, and they must complete KYC.
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In order to achieve fungibility, OPNX will combine comparable claims. For reasons of fungibility, there may be different SPVs for each estate, although they will work to have fewest possible. In the market for order books, these tokenized rights will be exchanged. Due to the requirement for users to complete KYC and the ban on US nationals, token withdrawals will not be permitted to reduce the danger of token interaction with Americans.
Members of FTX Filed a Lawsuit Against Grayscale and its Owner, Digital Currency Group
This comes after Grayscale and its operator Digital Currency Group were sued by FTX’s Alameda over the design of their sizable BTC and ETH trusts. Investors would be able to close the significant net asset value differences by selling their shares in the trusts on the secondary market, but Grayscale does not permit this.
