The Open Exchange, or OPNX, is closing down this month, according to an email sent to users.

“We would like to inform you that OPNX.com will officially cease operations and shut down in February 2024.”

Customers were advised to settle their positions by Feb. 7 and withdraw their money by Feb. 14.

OPNX shutting down pic.twitter.com/BIRBX3uiBV

— Cole (@cole0x) February 1, 2024

End of Another Exchange

OPNX was created by 3AC’s Kyle Davies and Su Zhu and launched in April 2023 for the trading of bankruptcy claims. Davies and Zhu’s previous firm, Singapore-based Three Arrows Capital, collapsed in 2022 and was part of that year’s crypto meltdowns.

The pair disappeared after their crypto hedge fund collapsed and Singapore’s central bank issued nine-year prohibition orders to them over securities law violations in September 2023. Su Zhu was apprehended at Changi Airport in Singapore in September, according to the company’s liquidator, Teneo.

In May, the pair were reprimanded and fined by Dubai’s crypto regulator for operating OPNX as an unregulated exchange.

Teneo is currently seeking to recover $1.3 billion directly from the founders, claiming that they leveraged investors’ funds before the firm went bankrupt.

In related news, the bankrupt crypto lender Genesis has settled the Security and Exchange Commission’s Earn Lawsuit. The subsidiary of Barry Silbert’s Digital Currency Group agreed to pay a $21 million civil penalty to the SEC, according to Bloomberg.

However, it will only have to pay the penalty if the company can fully repay its customers and other creditors in its bankruptcy proceedings.

FLEX and OX Tokens Tank

Open Exchange Token, OX, dumped nearly 40% as the news broke late on Feb 1. The exchange token has recovered slightly to trade at $0.0085 at the time of writing.

However, the native asset of the soon-to-be-defunct crypto exchange is down 89.5% from its all-time high of $0.0813 in August 2023.

The OPNX founding team also includes Mark Lamb, the former CEO of collapsed crypto derivatives exchange CoinFlex.

The FLEX token, which is the CoinFlex native asset, also tanked on the news. FLEX fell 16% to $0.327 at the time and is currently down 97% from its August all-time high.

The post 3AC Founders’ OPNX Exchange to Shut Down, FLEX and OX Prices Tank appeared first on CryptoPotato.

In the race for smartphone supremacy, the focus has shifted towards leveraging AI to enhance device functionality, rather than solely on cameras, specs, or design. Google’s Pixel series has been a leader in this arena, thanks to its exclusive Tensor processors. However, Samsung is now stepping up its game by introducing its own suite of Galaxy AI features, bringing the two smartphone giants closer in terms of AI capabilities.

Neck and Neck in AI prowess

Both Galaxy and Pixel devices now offer a range of generative photo editing features, live translation for voice and text, and AI-powered text summarization, among other functionalities. This competitive landscape is causing the Samsung Galaxy S24 lineup to challenge Google’s Pixel range, not just in AI but in other areas such as battery life and performance.

Samsung’s Galaxy AI, powered by Google

Interestingly, the AI features on the Samsung Galaxy S24 range are actually provided by Google, utilizing the search giant’s Gemini AI models to bring advanced cloud-based computational power to Samsung’s latest flagships. While this levels the playing field for AI capabilities between Samsung and Google’s flagship phones, a significant caveat looms: Samsung’s Galaxy AI features will only be free until the end of 2025, implying that they may transition to a subscription-based model thereafter.

The Samsung Galaxy S24 Ultra’s performance

An initial hands-on experience with the Samsung Galaxy S24 Ultra indicates that it not only stands as the best Samsung phone available but is also among the top smartphones of 2024. However, a pivotal question emerges: Will users still find it equally impressive if they must pay for the Galaxy AI experience in the long run? Unlike Google, which is unlikely to charge for AI features on future Pixel smartphones, Samsung users may face the prospect of paying an additional premium.

Generative AI: Fun but imperfect

Exploring the Generative AI photo editing features of the Galaxy S24 Ultra has been a source of entertainment, allowing users to manipulate photos with ease. These features enable users to alter their images creatively, from shrinking subjects to making them appear as if they’re standing on ceilings, all while Generative AI smoothly fills in the background. Samsung’s approach simplifies the editing process compared to the Pixel 8 Pro, as it doesn’t require backing up photos to the cloud for edits, and offers a more intuitive user interface with text prompts guiding users through the editing process.

However, it’s important to note that the results aren’t always flawless. In certain environments, moving subjects within a frame can result in unnatural glows around their edges, and shadows may not adjust accordingly. Additionally, there may be instances where the filled-in sections appear distorted. Nevertheless, when Generative AI functions well, it can be truly remarkable, offering a seamless editing experience.

Circle to search: A game-changing feature

Among the various Galaxy AI features on the Samsung Galaxy S24 range, “Circle to Search” stands out as potentially the most practical for everyday use. This feature allows users to hold down the S24’s home button while viewing an image, launching Circle to Search. Users can then circle or tap an item within the image to instantly receive highly accurate Google search results related to that item.

For instance, users can apply Circle to Search to a picture of someone wearing a stylish outfit or sunglasses, and it will promptly display where to purchase those items. The effectiveness of this feature was evident when it accurately identified an entire outfit in a colleague’s photo and even located a similar backpack in another image. Circle to Search has the potential to revolutionize online shopping and enhance the overall user experience.

Is Galaxy AI worth the upgrade?

While this article has only scratched the surface of what Galaxy AI can offer, it’s evident that Samsung views AI as the next frontier in smartphone innovation. While the Galaxy S24 Ultra boasts exceptional performance, camera capabilities, and battery life, the question remains: Are the new Galaxy AI features a significant advancement over last year’s models, which share many similarities?

Ultimately, there’s no definitive answer. Samsung’s shift toward AI-driven features makes sense, especially considering that camera and hardware advancements have plateaued in recent years, resulting in incremental improvements with each new generation of devices. However, it’s crucial to consider whether users are willing to pay for these future AI advancements, as Samsung’s Galaxy AI features may potentially transition to a subscription-based model.

Samsung’s Galaxy S24 lineup is making significant strides in the realm of AI, closely competing with Google’s Pixel range. The introduction of AI-driven features like Generative AI and Circle to Search showcases Samsung’s commitment to innovation. The key question for consumers is whether these advancements justify the potential long-term costs associated with Galaxy AI.