Open Exchange (OPNX) Native Currency Collapses Following Co-Founder Su Zhu’s Arrest

Bull Token Value Plummets

After the arrest of Su Zhu in Singapore, there was a significant wave of selling pressure, resulting in a decline in the value of OX tokens. According to Alphabet Science, approximately $1 million worth of OX tokens were quickly sold off in the days following the news.

OX tokens dropped as low as $0.010, and while there was a minor recovery from the initial crash, the token value is still down by over 83% from its all-time high.

OX is the native cryptocurrency of OPNX, a specialized exchange designed for trading insolvent crypto companies’ claims like FTX. OX token holders benefit from reduced trading expenses on the platform and have a say in its governance.

Su Zhu’s Arrest

Su Zhu’s arrest at Changi Airport in Singapore sent shockwaves throughout the Internet3 community. After failing to comply with court instructions, Zhu was sentenced to four months in prison. A similar referral order has also been issued against Kyle Davis, the co-founder of the now-defunct cryptocurrency hedge fund Three Arrows Capital (3AC).

As Zhu begins his sentence, the liquidators are now focusing on recovering assets that belong to 3AC or were obtained using 3AC funds. This saga once again highlights the lack of trust in centralized crypto platforms.

Zhu and Davis were once in control of approximately $10 billion worth of encryption assets, making 3AC one of the largest Web3 companies globally. However, due to falling cryptocurrency prices and questionable trading strategies, the company was unable to repay its lenders. When 3AC went bankrupt, both founders were uncooperative, according to liquidator Tenio.

3AC Exposed

3AC experienced a significant downfall in 2022 following the collapse of Du Kwon’s Terra Ecosystem. Their excessive influence on long parking and borrowing large sums of money led to their bankruptcy. Chu and Davis defaulted on loans and went into hiding, resulting in legal proceedings against them. They also received a written reprimand from the Dubai Asset Regulatory Authority (VARA) for operating this venture.

Recently, the Monetary Authority of Singapore (MAS) banned 3AC’s co-founders from engaging in financial activity in Singapore for nine years each.

Thor Token Depreciation

The Open Exchange (OX) symbol is currently trading at approximately $0.0136, representing a 35% decrease in the past week and a 70% decline in the monthly timeframe. The pressure on OX has caused its market cap to crash by over $30 million, now hovering around $53 million.

The future of the bull token and the Open Exchange remains uncertain as the cryptocurrency community grapples with the aftermath of Su Zhu’s arrest and the downfall of 3AC. Investors and stakeholders are closely monitoring the developments in this unfolding saga.

Read more: 3AC Ventures to fund OPNX development