OPNX, an exchange dedicated to trading bankruptcy claims against failed crypto firms, has registered the claims of FTX and Celsius.

According to July 14 notification, namely FTX receivables can be instantly included and converted to collateral in the form of native reborn OX (reOX) tokens of OPNX or oUSD, its credit currency. Users can then trade crypto futures using reOX as collateral. Claims are tokenized in partnership with Heimdall, which also handles user onboarding and authentication. The developers wrote:

“Claims will initially be converted to reOX tokens with a 100% bonus from the market price, which will converge to a 0% bonus for 50 weeks. This means that during the 1st week, users will receive double the market price for their FTX. Claim.”

In OPNX’s illustrative example, a $1 million FTX claim with a claim price of 30 cents on the dollar would receive $600,000 in reOX claim equivalents. “In the event that the user’s claim is determined to have priority, the equivalent dollar amount of reOX tokens issued will be returned from the user,” the exchange wrote. Claims are transferred and held in a separate trust.

OPNX was founded earlier this year by Kyle Davies and Zhu Su, co-founders of the failed Singaporean hedge fund Three Arrows Capital, also known as 3AC. On its first day of operation, OPNX recorded a modest $13.64 in total traded volume. Until the end of June, the daily exchange volume exceeded $30 million.

Cointelegraph reported in May that the US Internal Revenue Service was looking $44 billion in unpaid taxes from the bankruptcy of FTX. Likewise, the US Federal Trade Commission issued a $4.7 billion fine against Celsius on July 13 on deferred adjudication.

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