OX Token Surges 50% as Co-Founder Su Zhu Resurfaces After Arrest

OX Token Surges 50% as Co-Founder Su Zhu Resurfaces After Arrest

Crypto News – The OX token has reached a price level not witnessed since the arrest of its co-founder, Su Zhu, back in late September.

Open Exchange Token (OX), the native cryptocurrency of the crypto bankruptcy claims platform known as OPNX, experienced a remarkable 50% surge just 20 minutes after co-founder Su Zhu made what appeared to be his first post on Twitter since his arrest.

On December 1st, Su posted a simple “gm,” an abbreviation for “good morning.” This marked his first Twitter post since September 29th, which coincidentally was the same day he was apprehended at Singapore’s Changi Airport while attempting to depart the country.

Following Su’s Twitter post, OX’s price quickly rose by nearly 50% to $0.021, reaching a level not seen in 63 days, dating back to the day of Su’s arrest on September 29th, as reported by CoinGecko data.

Su Zhu had been arrested on September 29th after trying to leave Singapore, following a court order that mandated his imprisonment for contempt of court. According to the order, Su was supposed to serve four months in jail, implying that he wouldn’t be released until the following year. However, there had been speculation that he might have been released after an Ethereum wallet labeled “suzhu.eth” (although unconfirmed) became active again on November 29th.

OPNX, short for Open Exchange, is a platform designed for the trading of creditor claims stemming from bankrupt cryptocurrency companies.

Su Zhu and co-founder Kyle Davies established the exchange in the aftermath of the bankruptcy of their $10 billion Singapore-based crypto hedge fund, Three Arrows Capital (3AC), which folded in June 2022.

Following the collapse of 3AC, both Su and Davies initially left Singapore. While Su has since returned, it is believed that Davies now resides on the Indonesian island of Bali.