The OPNX token rose 50% after Su Zhu suddenly posted ‘gm’ on Twitter.
Open Exchange Token (OX), native of crypto bankruptcy claims platform OPNX, surged 50% 20 minutes after it was first posted on X (Twitter) after the arrest of co-founder Su Zhu.
On December 1, Su posted a simple “GM” – short for “good morning” – marking the first X post since September 29, the same day he was arrested at Singapore's Changi Airport while trying to leave the country.
Jim
— Zhu Su (@zhusu) December 1, 2023
In the 20 minutes following its ex post, Ox jumped nearly 50% to $0.021, hitting a 63-day high — a price not seen since its Sept. 29 holding date, according to CoinGecko data.
Shortly after the price peak, OX recovered by around 6%. The market value now sits at over $104.5 million.
Su was arrested on September 29 and tried to leave Singapore following a court order to be sent to prison.
The order was to see his four-month prison sentence – which means he won't be released until next year, although some speculate he may be released after a wallet labeled “suzu.eth” – believed to be his, but not confirmed) – became active again on November 29.
OPNX, short for Open Exchange, is a platform for trading creditors' claims from bankrupt crypto companies.
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Su and co-founder Kyle Davis co-founded the exchange with $10 billion Singapore-based crypto hedge fund Three Arrows Capital (3AC) — which folded in June 2022 following bankruptcy.
Su and Davis both initially fled Singapore after the collapse of 3AC. Sue returned and Davis is believed to be living on the Indonesian island of Bali.
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