The native token of the OPNX cryptocurrency bankruptcy claims platform, known as Open Exchange Token (OX), experienced a remarkable surge of 50% within just 20 minutes after co-founder Su Zhu made his first post on X (Twitter) following his arrest.
Su's post on December 1, a simple "gm" (representing "good morning"), marked his return to X after his last post on September 29, the same day he was detained at Singapore's Changi Airport while attempting to depart the country. The swift X post triggered a nearly 50% spike in OX's value, reaching $0.021 and achieving a 63-day high, a price point not seen since Su's arrest in September, according to CoinGecko data.
However, shortly after hitting this price peak, OX underwent a 6% retracement. Presently, it holds a market capitalization exceeding $104.5 million. Su Zhu was arrested on September 29 due to a court order related to a contempt of court charge, leading to a four-month prison sentence. As per this order, he will remain incarcerated until next year, although there have been speculations about his potential release after the activity of a wallet labeled "suzhu.eth" (allegedly associated with Su, though unverified) resumed on November 29.
OPNX, also known as Open Exchange, functions as a platform enabling creditors of bankrupt cryptocurrency firms to trade their claims. Su Zhu and co-founder Kyle Davies established the exchange in the aftermath of the collapse of their $10 billion cryptocurrency hedge fund, Three Arrows Capital (3AC), which imploded in June 2022.
Following the downfall of 3AC, both Su and Davies left Singapore. While Su returned and faced legal actions, Davies is believed to be residing in Bali, Indonesia.
