OPNX exchange has surrounded itself in new controversy after community members began to question its trading volume.
After last year’s collapses, the community has grown vigilant to the activities of crypto exchanges. Now some community members are pointing the finger at the trading volume of the OPNX exchange, suggesting it is fake.
OPNX Celebrate All-Time High
On Thursday, community member “Loris” wrote a Twitter thread accusing the crypto exchange OPNX of showing fake trading volume.
The accusations came as OPNX was celebrating an all-time high of $45 million in trading volume and a seven-day trade volume of $238.9 million.
Loris believes that for genuine trading volume data:
- Higher volume should line up with big moves.
- There will be peaks and troughs.
- There will be a steady baseline amount of volume.
But in contrast, Loris highlighted some suspicious behavior with OPNX’s trading volume, such as the highest volume was present during the low volatility period.
Evidently, the charts on OPNX’s official website coincide with Loris’ claims. The official website’s screenshot shows huge spikes in volume at regular intervals, particularly since the start of June.
Most of these spikes in trading volume bars indicate volume in a similar range.
Market Maker Program
The thread led to criticism from the community members. A community member wrote, “How are they so incredibly bad at grifting”
While Arthur Hayes, the co-founder of the BitMEX exchange, made a sarcastic comment, “But it’s venture backed 😭😭😭😭😭😭”
However, OPNX responded to Hayes’ tweet and offered an explanation, “Volumes mentioned below are attributable to our Market Maker Program.”
Also, OPNX is receiving backlash for reviving Three Arrow Capital as 3AC Ventures. The community has been skeptical about OPNX since January, when it was first announced as GTX.
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This is primarily because the founding team consists of Three Arrow Capital’s Kyle Davies and Su Zhu.
After the collapse of Three Arrow Capital, the co-founders, Davies and Zhu, were uncooperative in the investigation and withdrew from social media.
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