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Open Exchange (OPNX) Celsius Bankruptcy Claims Tokenization – Chainwire

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In a significant development, Open Exchange (OPNX) has announced the inclusion of Celsius claims in its marketplace. In collaboration with its verification and tokenization partner, Heimdall, OPNX is now accepting claims from the Celsius bankruptcy proceedings.

This new integration allows claim holders to convert their claims into tokenized assets, making them tradable as liquid assets. With this function, speculators can purchase claim tokens to gain profits once the bankruptcy settlement is finalized.

The Fall of Crypto and the Rise of Bankruptcy

The crash of the cryptocurrency market in late 2021 exposed vulnerabilities in a supposedly decentralized and untrustworthy system. The cracks became apparent in early 2022 when LUNA, Terra’s algorithmic stablecoin, was suddenly depegged.

While decentralized crypto projects are seeing a drop in token prices, the situation is even worse for protocols that rely on centralized control. Depegging LUNA is just the beginning, as other prominent names in the crypto world, such as Celsius, Three Arrows Capital, and FTX, have run into similar problems, tarnishing their reputations.

The Birth of the $20 Billion Market

As a result of failed blockchain projects, more than 20 million crypto users have suffered losses. In response, a $20 billion market emerged, freeing those affected. Instead of waiting for pending litigation, plaintiffs can trade their claims, unlocking immediate liquidity. Conversely, patient individuals can leverage their claims as collateral to trade crypto futures, potentially turning their misfortunes into profits.

Linking Celsius Claims with OPNX

Plaintiffs can start submitting their Celsius claims on the OPNX website. The procedure involves creating an account and undergoing KYC verification. Once completed, the claim details are submitted for verification by Heimdall, an Open Exchange partner.

Claims are pegged after successful verification and can be traded on the OPNX market.

Important Considerations

It is important to note several important aspects of the process. Only Get Account Balance is eligible for this service, and the minimum claim amount must be $2,000 USD. In addition, only claim holders can submit claims with password-enabled email and access to their Celsius account.

A court processing fee of 26 USDT applies (waived for the first 531 plaintiffs to join), and Heimdall maintains a 5% claim tokenization fee. However, this fee can be reduced by up to 80% if paid in OPNX native OX tokens.

OPNX Vision and Leadership

Open Exchange, led by CEO Leslie Lamb and a team of prominent figures in the crypto industry, is the first exchange in the world to facilitate the trading of spot crypto, derivatives, and public order book claims. OPNX emerged in response to the fiasco that led to the 2022 crash, aiming to help 20 million claimants worldwide regain access to their trapped funds from bankrupt platforms like Celsius and FTX at fair market rates.

The leadership team at OPNX is committed to setting new standards for a world of transparent and accessible finance. They prioritize upholding the core principles on which Bitcoin and other cryptocurrencies were founded, including decentralization and democratization of financial services.

By incorporating Celsius claims into its marketplace, OPNX is taking a significant step towards unlocking value and providing a seamless trading experience for claimants.

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