Open Exchange Token (OX) Spikes 50% After Co-Founder Su Zhu’s Twitter Post
The native token of the crypto bankruptcy claims platform OPNX, Open Exchange Token (OX), experienced a 50% spike in just 20 minutes after co-founder Su Zhu made his first Twitter post since his arrest. On December 1, Su posted a simple “gm” (good morning), which marked his first post since September 29, the same day he was arrested at Singapore’s Changi Airport. Following Su’s tweet, OX surged to $0.021, reaching a 63-day high not seen since the day of his arrest. However, the price retraced by approximately 6% shortly after peaking. The market cap of OX now exceeds $104.5 million.
Su Zhu’s Arrest and Contempt of Court
Su Zhu was arrested on September 29 while attempting to leave Singapore after a court order for his imprisonment for contempt of court. The order mandated a four-month jail term, which would have kept him incarcerated until next year. However, there is speculation that he may have been released early due to the activity of a wallet associated with him on November 29.
The Origins of OPNX and Three Arrows Capital
OPNX, short for Open Exchange, is a platform that facilitates the trading of creditor claims from bankrupt crypto companies. It was founded by Su Zhu and co-founder Kyle Davies following the bankruptcy of their $10 billion Singapore-based crypto hedge fund, Three Arrows Capital (3AC), which folded in June 2022. After the collapse of 3AC, both Su and Davies initially fled Singapore, with Su returning later and Davies believed to be residing in Bali.
Hot Take: OX’s Surge Reflects Market Sentiment and Investor Confidence
The sharp increase in the price of Open Exchange Token (OX) following co-founder Su Zhu’s Twitter post indicates a positive market sentiment and renewed investor confidence. Su’s return to social media after his arrest seems to have resonated with crypto enthusiasts, leading to a surge in OX’s value. This demonstrates the influence that key figures in the industry can have on market dynamics. The future trajectory of OX will depend on various factors, including Su’s legal situation and the performance of OPNX as a platform. Investors should closely monitor these developments to make informed decisions.
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