Claims in the Celsius Bankruptcy Case Are Tokenized using Open Exchange (OPNX)

The Open Exchange (OPNX) has completed the integration of Celsius claims into its trading platform.

The owner may tokenise any claim, turning it into a tradable digital asset. Speculators anticipating profit after the bankruptcy is resolved might purchase the claim token.

The collapse of the cryptocurrency market towards the end of 2021 revealed severe flaws in a decentralized and trustless system. In early 2022, Terra’s algorithmic stablecoin, LUNA, depegged overnight, revealing the first signs of these flaws.

The falling token values seen by truly decentralized crypto projects were a bright line when contrasted to protocols with a human hand on the wheel.

The demise of LUNA was only the first domino. As other crypto heavyweights followed, it became clear that many of these organisations were interdependent.

A $20 billion industry has emerged to help the roughly 20 million cryptocurrency users who have lost money on failing blockchain projects. Claimants may trade their claim and have access to instant funds instead of waiting for remedy, which may or may not come via the courts. Those patient enough to wait for the court case might try to convert their misfortune into a profit by using their claim as collateral in crypto futures trades.

The OPNX website provides a means for claimants to onboard Celsius claims. Account creation and Know Your Customer (KYC) verification are required steps. After that, the claim information may be sent to Open Exchange’s partner, Heimdall, for validation.

When everything is said and done, the claim will be tokenized and ready for trading on the OPNX exchange.

It’s important to note a few essential qualifications. This procedure is for claiming a minimum of USD 2,000 from an Earn Account Balance. The claim holder is the only person authorised to submit claims and must have access to their Celsius account through email and password.

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