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Unlocking Liquidity for FTX Claimants

Peter avatar
Shared by Peter • July 14, 2023

We are excited to announce the launch of FTX claims on OPNX. This new development provides an immediate liquidity option for those affected by the FTX bankruptcy, allowing users to efficiently convert their claims into trading collateral with an initial 100% bonus of the current market price.

Key Benefits: Liquidity, Ease, and Zero Fees

  • Immediate Liquidity: FTX claims can be converted into reOX tokens or oUSD, both of which can be used as collateral for trading crypto futures.
  • Automated Onboarding: Users can easily verify and trade their claims thanks to our swift onboarding process facilitated by Heimdall.
  • No Tokenization Fees: We do not charge any tokenization or management fees for FTX claims. The only cost is a 26 USDT court processing fee, which is waived for the first 531 claimants.

Efficient Verification and Tokenization Process

Leveraging our partnership with Heimdall, we have established an efficient onboarding and verification system for FTX claims:

1. Join and Complete KYC: Create an account on both OPNX and Complete the KYC procedures on both platforms.

2. Apply: Provide claim details and complete the video verification process.

3. Sign: Digitally sign the transfer agreement to initiate the claim transfer process.

4. Convert: Transform your claim into collateral — reOX or oUSD — and immediately start trading crypto futures

Risk Management for FTX Claims

We have implemented measures to address preference risk associated with FTX claims, including the ability to convert FTX claims into reOX tokens or oUSD. Both of these serve as eligible collateral in the OPNX credit system. In cases where a claim is determined to have preference or is fraudulent, an equivalent dollar amount of reOX tokens/oUSD will be reclaimed from the user.

Claim Conversion and Profits

Users have the opportunity to convert their FTX claims into reOX tokens or oUSD at a 100% bonus of the current market price, as mentioned above. Profits can then be withdrawn, with the initial value of reOX collateral subtracted.

The addition of FTX claims on OPNX is a significant milestone in our commitment to helping our users overcome recent financial disruptions. By unlocking immediate liquidity and simplifying the claims conversion process, we are enabling our users to actively participate in the crypto market once again.

OPNX Affiliate Program

We invite users to join our affiliate program and earn commissions by referring new users to trade or onboard their claims. For every FTX claim referred, affiliates earn 30 USDT plus an additional 0.50% of the claim value.

Affiliates also earn a 30% commission on their referral's trading fees from spot and futures trading activities.