The cryptocurrency world is in turmoil as the value of the Open Exchange Token (OX) plummeted following the arrest of co-founder Su Zhu. The news of Zhu’s incarceration sent shockwaves through the Web3 community, triggering a massive sell-off of OX tokens.
In the days following Su Zhu’s arrest at Changi Airport in Singapore, token holders rushed to offload their OX holdings, resulting in a significant drop in the token’s value.
According to Alphanomics, approximately $1 million worth of OX tokens were hastily dumped, causing OX’s value to crash to as low as $0.010. Although a slight recovery has since occurred, the token remains down by over 83% from its all-time high.
Since this news broke an hour ago, ~ $1 million+ in $OX has been sold.
Even two of the Top 12 $OX Accumulators have sold over $180k just in the last few minutes.
More to follow? 🔻
Full list of Top $OX Accumulators 👉https://t.co/vr114VvAx3 https://t.co/pvf9wnd5fs pic.twitter.com/tpdP2RM8KM
— Alphanomics 💧 (@Alphanomics_io) September 29, 2023
OX serves as the native cryptocurrency of Open Exchange (OPNX), a specialized trading platform for claims of insolvent crypto firms. OX token holders enjoy reduced trading fees on the platform and participate in governance decisions.
Su Zhu and his co-founder, Kyle Davies, were once at the helm of the now-defunct crypto hedge fund Three Arrows Capital (3AC), which controlled around $10 billion worth of crypto assets. However, a combination of falling crypto prices and questionable trading strategies led to the firm’s demise, leaving lenders unpaid and both co-founders uncooperative.
With Su Zhu now serving a prison sentence and Davies whereabouts unknown, the future of OX token and Open Exchange remains uncertain. The cryptocurrency community is closely watching the developments in this unfolding saga, as the market grapples with the aftermath of Zhu’s arrest and the downfall of 3AC. OX token’s value currently trades at around $0.0136, representing a 70% decline in the monthly timeframe and leaving investors and stakeholders anxious about what lies ahead.
