reOX, or Reborn OX, is a type of locked OX that matures when the preference risk for a claim is settled. Once your claim is converted into reOX, it instantly becomes part of the allowable collateral in the OPNX credit system. This unique function offers you immediate liquidity and the ability to trade crypto futures, despite any bankruptcy-related disruptions you might be experiencing.
Dealing with FTX Claims with Fraud and Preference Risk
Bankruptcy laws enable the recovery of assets transferred to creditors within a 90-day period prior to the bankruptcy filing. This is known as preference risk.
To address the preference risk related to FTX claims, we offer users the option to convert their FTX claim into reOX, which immediately serves as eligible collateral in the oUSD credit system on OPNX until the preference risk of a claim can be assessed.
Unlocking Claims on OPNX: A Step-by-Step Process
To unlock claims and transform them into reOX tokens, follow these steps:
Join: Create an OPNX account and complete KYC.
Apply: Receive real-time confirmation.
Sign: Digitally sign your transfer agreement to initiate your claim transfer.
Convert: Transform your claim into reOX collateral to trade crypto futures.
Understanding the Conversion of Claims to reOX Tokens
Once your claim is transferred to the trust, ownership is also transferred, relinquishing your residual rights to the underlying claim. Your claim is then tokenized, and OPNX issues you reOX that can be used as collateral for crypto futures trading. Once preference risk for your claim is settled, this reOX will be converted to regular, unlocked OX.
Please note that although you surrender your legal entitlement to the claim, as the holder of the claim credits, you maintain your pro-rata share of all claims held by the trust. Selling your claim credits, however, will relinquish your right to future distributions from the estate.
Remember: No Reverse Conversion
Please be aware that once you convert your claims into reOX tokens, the conversion is not reversible.