OX Rockets 50% after Co-founder Tweets
01 Dec, 2023 ● Coin news
The native token of the cryptocurrency bankruptcy claims platform OPNX, Open Exchange Token (OX), surged 50% in just 20 minutes following reports that co-founder Su Zhu had posted to Twitter for the first time since his arrest.
Su made his first X post since September 29 on December 1 with a straightforward "gm," which stands for "good morning."
September 29 was the day which Su was detained at Singapore's Changi Airport while trying to flee the nation.
CMC data shows that in the 20 minutes following Su's X post, OX surged by almost 50% to $0.021 and reached a 63-day high — a price not seen since the day of Su's arrest on September 29.
After the price peaked, OX had a 6% retracement. Right now, its market value surpasses $104.5 million.
When Su tried to leave Singapore on September 29, a court order to send him to jail for contempt of court led to his arrest.
Su was supposed to serve four months in prison under the terms of the order; however, some have theorized that he may have been freed after a wallet bearing the name "suzhu.eth" that was allegedly once owned by Su but was not verified started to operate again on November 29.
Open Exchange, or OPNX for short, is a platform that facilitates the trading of creditor claims from insolvent cryptocurrency businesses.
The $10 billion cryptocurrency hedge fund Three Arrows Capital (3AC), based in Singapore, folded in June 2022, and Su and co-founder Kyle Davies then founded the exchange.
Sources:
https://cointelegraph.com/news/opnx-token-spikes-su-zhu-gm-breaks-silence-after-arrest
https://etherscan.io/address/0xc5ef1C84EA5C570979DA35eB7C068687d15709ee#tokentxns
