Token

Open Exchange Token

Terra

Davies

Teneo

<div class="cryptonews"> 
 <p class="is-style-lead">Open Exchange’s (OPNX) native currency crashed on the heels of co-founder Su Zhu’s arrest. </p> 
 <h2 class="wp-block-heading" id="ox-token-value-craters">OX token value craters</h2> 
 <p>The <a rel="noopener noreferrer nofollow" title="arrest" href="https://thebittimes.com/tag/arrest.html">arrest</a> of Su Zhu has triggered a massive wave of sell pressure, resulting in a steep decline in the value of OX <a rel="noopener noreferrer nofollow" title="token" href="https://thebittimes.com/tag/token.html">token</a>s.</p> 
 <p>According to Alphanomics, approximately $1 million worth of OX tokens were hastily dumped by token holders in the days following the news. </p> 
 <p>As a result, OX <a rel="noopener noreferrer nofollow" title="token" href="https://thebittimes.com/tag/token.html">token</a>s dropped to as low as $0.010. While a minor recovery has occurred since the initial crash, the <a rel="noopener noreferrer nofollow" title="token" href="https://thebittimes.com/tag/token.html">token</a>’s value remains down by over 83% from its all-time high.</p> 
 <p> OX is the native cryptocurrency of OPNX, a specialized exchange designed for trading claims of insolvent crypto firms like FTX. Holders of OX <a rel="noopener noreferrer nofollow" title="token" href="https://thebittimes.com/tag/token.html">token</a>s benefit from reduced trading fees on the platform and have a say in its governance activities.</p> 
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 <p>OPNX was launched in April amid controversy due to its association with Zhu as well as Kyle Davies, co-founders of the now-defunct crypto hedge fund Three Arrows Capital (3AC).</p> 
 <h2 class="wp-block-heading" id="su-zhu-s-arrest">Su Zhu’s arrest</h2> 
 <p>This month, Su Zhu’s arrest at Changi Airport in Singapore sent shockwaves through the Web3 community.</p> 
 <p>Following his failure to adhere to a court instruction, Zhu was handed a four-month prison sentence after issuing a committal order.</p> 
 <p>Teneo, the court-appointed joint liquidator of 3AC, revealed that a similar committal order was granted against Davies, whose whereabouts remain unknown at the time of writing.</p> 
 <p>With Zhu beginning his sentence, the liquidators are now focused on “the recovery of assets that are either the property of 3AC or that have been acquired using 3AC’s funds.</p> 
 <p>The Su Zhu saga has once again made it clear that centralized crypto platforms can’t be trusted.</p> 
 <p>Zhu and Davies once controlled around $10 billion worth of crypto assets, making 3AC one of the largest Web3 firms in the world.&nbsp;</p> 
 <p>However, plummeting cryptocurrency prices coupled with shady trading strategies cleaned out its assets, and the firm was unable to repay lenders. When 3AC went bankrupt, liquidator Teneo reported that both co-founders were uncooperative.</p> 
 <h2 class="wp-block-heading" id="3ac-unravels">3AC unravels </h2> 
 <p>3AC experienced a significant downfall in 2022 following the collapse of fugitive Du Kwon’s Terra ecosystem.&nbsp;</p> 
 <p>Excessive leverage on long positions across various crypto assets and borrowing large sums of money led to its bankruptcy.</p> 
 <p>After the collapse, Zhu and Davies defaulted on loans and went into hiding, leading to legal actions against them.</p> 
 <p>In May, they received a written reprimand from Dubai’s Assets Regulatory Authority (VARA) for operating this venture.</p> 
 <p>Earlier this month, the Monetary Authority of Singapore (MAS) barred the two 3AC co-founders from conducting financial activity in Singapore for nine years each.</p> 
 <h2 class="wp-block-heading" id="ox-token-s-gloom">OX token’s gloom</h2> 
 <p>The Open Exchange Token (OX) is trading at around $0.0136, representing a 35% decrease in the past week and a 70% decline in the monthly timeframe.&nbsp;</p> 
 <p>The current bear pressure on OX has led to a crash over $30 million in the token’s market capitalization, which now hovers at around $53 million.</p> 
 <p>The future of OX <a rel="noopener noreferrer nofollow" title="token" href="https://thebittimes.com/tag/token.html">token</a> and Open Exchange remains <a rel="noopener noreferrer nofollow" title="uncertain" href="https://thebittimes.com/tag/uncertain.html">uncertain</a> as the cryptocurrency community grapples with the aftermath of Su Zhu’s <a rel="noopener noreferrer nofollow" title="arrest" href="https://thebittimes.com/tag/arrest.html">arrest</a> and the downfall of 3AC.</p> 
 <p>&nbsp;Investors and stakeholders are closely monitoring developments in this unfolding saga.</p> 
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<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/ox-token-value-craters-as-3ac-s-su-zhu-s-arrest-triggers-uncertainty-tbt64767.html">https://thebittimes.com/ox-token-value-craters-as-3ac-s-su-zhu-s-arrest-triggers-uncertainty-tbt64767.html</a></p>

OX token value craters as 3AC’s Su Zhu’s arrest triggers uncertainty

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