Crypto Mania

OPNX Token Soar 50% Co-founder Su Zhu Unexpected Tweet

  • OPNX co-founder Su Zhu posted on platform X for the first time after his arrest in September.
  • The OPNX token (OX) hit a price high not seen since co-founder Su Zhu was arrested in late September.

Open Exchange Token (OX), the native token of the bankrupt crypto platform OPNX, soared 50% just 20 minutes after co-founder Su Zhu supposedly posted to X (Twitter) for the first time since his arrest in September.

On Dec. 1, Su Zhu posted a simple “gm” — an abbreviation for “good morning” — marking his first X post since Sept. 29, the same day he was arrested at Singapore’s Changi Airport attempting to leave the country.

In the 20 minutes after Su’s X post, OX jumped nearly 50% to $0.021 and hit a 63-day high — a price not seen since the day of Su’s Sept. 29 arrest, according to Coinstats data.

OPNX Price Chart | Source: Coinstats

 

Shortly after the price peak, OX retraced by around 6%. It’s market cap now sits at over $104.5 million.

Su was arrested on Sept. 29 when attempting to leave Singapore following a court order to send him to jail for contempt of court.

Read Also: 3AC Co-founder Su Zhu Seemingly Released From Singaporean Prison

The order was meant to see Su serve four months’ imprisonment — meaning he wouldn’t be released until next year, though some have speculated he may have been released after a wallet labeled “suzhu.eth” — believed to belong to Su (though unconfirmed) — became active again on Nov. 29.

OPNX, short for Open Exchange, is a platform allowing for the trade of creditor claims from bankrupt crypto companies.

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

Su and Davies both initially fled Singapore after 3AC’s collapse. Su returned and Davies is believed to reside on the Indonesian island of Bali.

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