Open Exchange (OPNX) Tokenizes Celsius Bankruptcy Claims

(Press Release – Hong Kong, Hong Kong, June 14, 2023)

open exchange (OPNX) has officially added Celsius Claims to its marketplace. OPNX will now accept claims from the Celsius bankruptcy proceedings through its verification and tokenization partner Heimdall.

Holders of a claim can convert it into a tokenized asset, allowing it to be traded as a liquid asset. Speculators can then buy claim tokens in hopes of reaping profits down the road once the bankruptcy is settled.

crypto bankruptcy

The crash of the crypto market in late 2021 exposed deep cracks in a system that was supposed to be decentralized and trustless. Those cracks began to become apparent in early 2022 when Terra’s algorithmic stablecoin, LUNA, was monetized overnight.

Truly decentralized crypto projects suffered from falling token prices, but this turned out to be a silver lining compared to some protocols that had human hands at the wheel.

LUNA was the first domino to fall, though. As other big names in crypto followed suit, it turned out that many of these institutions counted on each other’s projects to stay afloat. Over the years, names like Celsius, Three Arrows Capital, and FTX gained notoriety in crypto circles.

With more than 20 million crypto users out of pocket due to failed blockchain projects, a $20 billion market emerged to provide some relief to the injured parties. Instead of waiting for relief that may or may not come through the courts, claimants can trade their claims and unlock immediate liquidity. Conversely, those willing to wait for court proceedings may attempt to turn misfortune into profit by using their claims as collateral for trading crypto futures.

Celsius claim

Claimants can onboard their Celsius claims on OPNX Website, The process involves creating an account and completing KYC verification. Once this is done, the details of the claim can be submitted to Heimdall, a participant of the Open Exchange, for verification.

Ultimately, the claim will be tokenized and can be traded on the OPNX marketplace.

However, there are several caveats to be aware of. The process is for Earn Account Balance only and the claim must be of a minimum of $2,000 USD. Claims can only be submitted by the Claim Holder who must have email and password-enabled access to their Celsius account.

There is a court processing fee of 26 USDT (waived for the first 531 onboarded claimants) and Heimdall keeps a 5% claim token fee, which can be reduced by up to 80% if paid in OPNX’s native OX token.

About Open Exchange (OPNX)

Open Exchange is led by CEO Leslie Lamb, along with several other notable figures in the crypto industry. OPNX is the world’s first exchange for crypto spot, derivatives and claims trading on a public orderbook.

OPNX was created in response to the failures that led to the crash of 2022, with a mission to help 20 million claimants worldwide unlock their trapped funds from bankrupt platforms such as Celsius and FTX at fair market value. Started with Its leadership team is dedicated to creating a new standard for a fundamentally transparent and accessible financial world, with a focus on maintaining the tenets bitcoin and other cryptocurrencies have built around the decentralization and democratization of financial services.

For more information, follow OPNX on social media:

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