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Crypto News

OX Token Surges Following Surprise Tweet from Co-Founder Su Zhu

Author

Jay Solano

Tags

Tags Editor's Choice / Slider Posts

Reading time

2 mins
Last update

Author

Jay Solano

Tags

Editor's Choice / Slider Posts

Reading time

2 mins
Last update

Author

Jay Solano

Tags

Editor's Choice, Slider Posts

Reading time

2 mins
Last update

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In a remarkable turn of events, the OX token, the digital currency of the Open Exchange Token (OX), experienced a significant surge in value. This sudden increase came shortly after a surprising social media activity from Su Zhu, the co-founder of the crypto bankruptcy claims platform OPNX.

On December 1, Su Zhu, who had been noticeably absent from social media since his arrest, made a simple yet impactful post on X (Twitter). His message, consisting of just “gm” (short for “good morning”), was his first public communication since September 29, the same day he was apprehended at Singapore’s Changi Airport while trying to leave the country.

The impact of Su’s tweet on the market was immediate and substantial. Within 20 minutes following his post, the OX token’s value soared by nearly 50%, reaching $0.021. This surge marked a 63-day high for the token, a peak that hadn’t been achieved since the day of Su’s arrest, as per CoinGecko data.

OZXDP Jua3ER66FMIz0ZHhI 8vkCxFFdPNXHF1XX7mL29Fp zGZup9P75 pK3M uqJfWx9UF QANttkoOO06Wgnu9ZOO0QoKIgHGYitFBkyKMvx2l4flRSJ3E3cLadDlRvrFewWq8L7NZi EE0TMpVU

However, after reaching this high, the price of OX slightly corrected, dropping by about 6%. Despite this, the market capitalization of OX remains impressive, now exceeding $104.5 million.

Su’s arrest was tied to his attempt to leave Singapore following a court directive ordering his imprisonment for contempt of court. He was slated to serve a four-month sentence, which would keep him detained until the next year. Speculations about his early release started circulating after a wallet believed to be his, named “suzhu.eth,” showed activity on November 29.

OPNX, standing for Open Exchange, is a specialized platform facilitating the trading of creditor claims from bankrupt cryptocurrency companies. This platform was launched by Su Zhu and his co-founder Kyle Davies following the collapse of their Singapore-based crypto hedge fund, Three Arrows Capital (3AC), which went bankrupt in June 2022. After 3AC’s downfall, both founders initially fled Singapore. While Su Zhu returned, Kyle Davies is rumored to reside in Bali, Indonesia.