Open Exchange Token (OX), the native token of cryptocurrency bankruptcy claims platform OPNX, surged 50% within 20 minutes of co-founder Su Zhu’s alleged first post on Twitter following his arrest.
On December 1, Su posted a simple “gm” (short for “good morning”), marking his first X post since September 29 when he was arrested while trying to leave Singapore’s Changi Airport.
GM
— Zhu Su (@zhusu) December 1, 2023
Within 20 minutes of Su’s Prices not seen since Su’s arrest on September 29, according to CoinGecko data.
Immediately after the price peak, OX fell about 6%. Its current market capitalization is over $104.5 million.
Mr Su was arrested on September 29 while trying to leave Singapore following a court order to send him to prison for contempt of court.
The order was intended to ensure that Su received four months in prison. This means he won’t be released until next year, but some have speculated that he may have been released after the label was placed on his wallet. “suzhu.eth” — Presumed to belong to Su (not confirmed) — became active again on November 29.
OPNX, short for Open Exchange, is a platform that allows trading of creditor claims from bankrupt cryptocurrency companies.
Related: CoinFLEX Creditors Dissatisfied with OPNX Restructuring: Report
Su and co-founder Kyle Davies founded the exchange following the collapse of $10 billion Singapore-based cryptocurrency hedge fund Three Arrows Capital (3AC), which went bankrupt in June 2022.
Su and Davies initially left Singapore after 3AC collapsed. Su has returned and Davies is believed to be living on the Indonesian island of Bali.
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