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The crypto market’s collapse in 2022 was set up by some names that will not be forgotten for years. For example, Do Kwon, Alex from Celsius, and others. However, Zhu Su and his partner Kyle, who went too far, even defrauding institutional clients, will also be unforgettable.
OPNX is Shutting Down
When it was first announced, they rebranded to a name more similar to FTX and then renamed it to OPNX. Back then, we wrote that Zhu Su and his team were extremely dangerous, defrauding institutional clients, and causing losses that could bankrupt crypto lenders. Of course, we also mentioned that this exchange was extra risky.
Today, the expected has happened. According to the announcement on the exchange’s website, they will cease operations within February. It’s good that bad actors, who have caused massive losses in the crypto markets, will no longer be able to operate in this field. Investors need to be very cautious about products developed by names with a dubious past.
For example, Do Kwon had previously capsized a different algo stablecoin project before toppling the $40 billion Terra ecosystem. Now, Zhu Su and his team are shutting down their exchange before engaging in an even bigger fraud case, which is great.
