Reappearance of OPNX Co-Founder Triggers Spike in Open Exchange Token
The Open Exchange Token (OX), the native token of the cryptocurrency bankruptcy claims platform OPNX, recorded an abrupt 50% surge just minutes after the company’s co-founder Su Zhu posted on Twitter for the first time since his arrest.
Su Zhu Returns to Social Media
Su’s online activity on December 1 involved a simple “gm” – an abbreviation for “good morning ”. It marked his social media return after remaining silent since his arrest on September 29 while attempting to leave Singapore via Changi Airport. Within 20 minutes after his tweet, OX escalated nearly 50% to $0.021- a price that has not been achieved since Su’s arrest day, according to CoinGecko data.
Open Exchange Token Market Cap
Though a transient peak in OX prices was observed, a 6% retracement followed shortly after. Presently, the market cap of OX sits at over $104.5 million.
Su Zhu’s Imprisonment
Su Zhu was apprehended on September 29 when he tried leaving Singapore, following a court order to incarcerate him for contempt of court. The court order was for Su to serve four months in jail, meaning his release wasn’t due until next year. However, some people speculate he may have been released after a wallet titled “suzhu.eth” possibly belonging to Su, showed activity again on November 29.
Introduction to OPNX
OPNX, abbreviated for Open Exchange, is a platform that supports trading of creditor claims from bankrupt crypto companies. The exchange was created after the bankruptcy of Three Arrows Capital (3AC), a $10 billion Singapore-based crypto hedge fund co-founded by Su and Kyle Davies. Post the collapse of 3AC in June 2022, Su and Davies had initially fled Singapore. Su has since returned whereas Davies is reported to live in Bali.
More on Cryptocurrency
While the crypto market continues to surprise its traders and investors, it has been noted that substance abuse among crypto traders is growing due to the intense volatility associated with the space. It’s crucial that market participants maintain a balanced lifestyle and mental health while navigating this highly speculative market.