Open Exchange Token (OX) Value Plummets After Co-Founder’s Arrest
The native currency of Open Exchange (OPNX), known as the OX token, has experienced a significant decline in value following the arrest of co-founder Su Zhu. The crash in value can be attributed to the company’s excessive leverage on long positions across various cryptocurrencies and borrowing substantial amounts of money, ultimately leading to bankruptcy.
Su Zhu’s Legal Troubles
After the collapse of Open Exchange, Su Zhu and his co-founder, Davies, defaulted on loans and went into hiding, resulting in legal actions against them. In May, they received a reprimand from Dubai’s Assets Regulatory Authority for their operation of this venture. Additionally, the Monetary Authority of Singapore barred both co-founders from conducting financial activity in Singapore for nine years each.
The Gloomy Outlook for OX Token
The OX token is currently trading at around $0.0136, reflecting a 35% decrease in the past week and a 70% decline over the past month. This bearish pressure has caused a crash of over $30 million in the token’s market capitalization, which now stands at approximately $53 million. The future of the OX token and Open Exchange remains uncertain as investors and stakeholders closely monitor developments surrounding Su Zhu’s arrest and the downfall of 3AC.
Hot Take: Uncertainty Looms Over Open Exchange and OX Token
The arrest of co-founder Su Zhu has had a profound impact on the Open Exchange Token (OX) and its associated platform. With the value of the OX token plummeting and significant legal troubles facing its founders, investors are left questioning the future viability of this cryptocurrency venture. As the cryptocurrency community grapples with the aftermath of these events, the fate of Open Exchange and its native currency hangs in the balance. It remains to be seen how this unfolding saga will unfold and what it means for the wider crypto market.
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