June 24, 2024
PNX's Native Token, Surges 50% Following Co-founder Su Zhu's Twitter Return
Altcoins News

OPNX’s Native Token, Surges 50% Following Co-founder Su Zhu’s Twitter Return

The native token of the crypto bankruptcy claims platform OPNX, Open Exchange Token (OX), experienced a rapid 50% surge just 20 minutes after co-founder Su Zhu made his first post on Twitter (referred to as X) since his arrest. On December 1, Su shared a simple “gm” (short for “good morning”), marking his return to X after being arrested on September 29 at Singapore’s Changi Airport while attempting to leave the country. In the subsequent 20 minutes, OX reached $0.021, hitting a 63-day high not observed since Su’s arrest, according to CoinGecko data.

Following the peak in price, OX retraced by approximately 6%, with its market cap now exceeding $104.5 million. Su’s arrest occurred when he tried to leave Singapore following a court order for his imprisonment for contempt of court related to the collapse of their $10 billion Singapore-based crypto hedge fund, Three Arrows Capital (3AC), in June 2022. Although the court order mandated four months’ imprisonment, speculation arose when a wallet labeled “suzhu.eth” became active on November 29, suggesting a potential release. OPNX, short for Open Exchange, facilitates the trading of creditor claims from bankrupt crypto companies and was founded by Su Zhu and co-founder Kyle Davies following 3AC’s bankruptcy. While Su returned to Singapore, Davies is believed to be residing on the Indonesian island of Bali.

Photo by Tima Miroshnichenko

Disclosure Statement: Miami Crypto does not take any external funding, or support to bring crypto news to the readers. We do not have any conflicts of interest while writing news stories on Miami Crypto.

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