The Open Exchange Token Soars After Tweet from Arrested Co-founder
The token of the Open Exchange (OX) cryptocurrency platform OPNX experienced a 50% surge in price following a tweet from Su Zhu, the co-founder who was arrested. CoinMarketCap data shows that the OPNX token reached $0.0214 within 20 minutes of Zhu’s post, although it has since settled at around $0.01734 at press time.
Zhu’s First X-Post Since Arrest
Zhu’s tweet simply said “gm,” which stands for “good morning,” and marked his first post since his arrest on September 29, 2023.
Price Increase and Trading Volumes
Although the price of the coin has dropped to $0.01752 at the time of writing, it still reflects a 24% increase over the past 24 hours. The surge in price allowed OPNX to reach its highest point in 63 days since Zhu’s arrest. However, it is worth noting that OPNX is trading well below its all-time high of $0.08124 and has experienced a significant drop in price since Zhu’s arrest.
Arrest and Bankruptcy Investigation
Zhu was arrested in Singapore at the end of September 2023 while attempting to leave the country. He was detained at Changi Airport after an arrest warrant was issued due to his failure to comply with a court order related to providing information about the bankruptcy of Three Arrows Capital (3AC), a collapsed hedge fund worth $10 billion. Zhu’s partner, Kyle Davies, also faced a similar detention order, but his current whereabouts remain unknown.
Increase in Trading Volumes
Trading volumes for OPNX have also seen a significant increase of 128% in the past 24 hours, amounting to $7.9 million.
Hot Take: OPNX Price Surge Sparks Speculation
The sudden surge in OPNX’s price following Su Zhu’s tweet has sparked speculation among cryptocurrency enthusiasts. While the token experienced a significant increase and reached its highest point in over two months, it is important to consider the context of Zhu’s arrest and the ongoing investigation into the bankruptcy of Three Arrows Capital. The future trajectory of OPNX remains uncertain as investors closely monitor developments surrounding Zhu and the Open Exchange platform.
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