The native token of OPNX, a cryptocurrency bankruptcy claims trading platform, experienced a significant price surge following a social media post by its co-founder Su Zhu. On December 1, Su Zhu posted a brief “gm” (good morning) on X (Twitter), marking his first activity on the platform since September 29, the day he was arrested at Singapore’s Changi Airport while trying to leave the country.
Within 20 minutes of this post, the Open Exchange Token (OX) saw a dramatic increase of nearly 50%, reaching $0.021 and attaining a 63-day high. This price level had not been observed since Su Zhu’s arrest, as per CoinGecko data. However, shortly after reaching this peak, OX experienced a slight retraction, dropping by about 6%. The market capitalization of OX subsequently stood at over $104.5 million.
Su Zhu’s arrest on September 29 was in connection with a court order for contempt of court, which intended to incarcerate him for four months. This would have meant his release would not occur until the following year. However, there has been speculation about his possible release after a wallet named “suzhu.eth,” believed to be associated with Su Zhu (though unconfirmed), showed activity on November 29.
OPNX, or Open Exchange, provides a platform for trading creditor claims from bankrupt cryptocurrency companies. Su Zhu, along with co-founder Kyle Davies, established this exchange following the bankruptcy of their Singapore-based crypto hedge fund, Three Arrows Capital (3AC), which collapsed in June 2022.
After the downfall of 3AC, both Su and Davies initially fled Singapore. Su Zhu later returned to Singapore, while Kyle Davies is believed to be residing on the Indonesian island of Bali.
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