CoinFLEX / OPNX
Shut DownExchange · born 2019 · ✝ 2023
Imploded over one whale's debt, then rose as a claims casino.
CoinFLEX was a crypto derivatives exchange that collapsed in 2022 after an $84M debt dispute with investor Roger Ver left it unable to honor withdrawals. Its founders relaunched as OPNX, a marketplace for trading FTX and 3AC bankruptcy claims, which itself shut down in early 2024.
- Peak
- ~$84M bad debt
- Cause
- Shut Down
- Year of death
- 2023
☠️ Cause of death
A single counterparty's $84M margin shortfall blew a hole in the exchange's balance sheet, freezing withdrawals; the OPNX pivot failed to gain traction and wound down.
📓 Lessons left behind
- —Concentrated counterparty exposure can sink an entire exchange.
- —Negative-balance protection isn't optional for leveraged venues.
- —Rebranding around others' bankruptcies rarely rebuilds trust.
🌱 The idea that survived
Counterparty risk limits
Reinforced that exchanges must cap and collateralize exposure to any single large account.
#exchange#insolvency#leverage#cex