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OPNX token spikes 50% after Su Zhu unexpectedly posts a ‘gm’ on Twitter

OPNX token spikes 50% after Su Zhu unexpectedly posts a ‘gm’ on Twitter.

The OX token hit a price high not seen since co-founder Su Zhu was arrested in late September.

Zhu was reportedly arrested at a Singapore airport and sentenced to 4 months prison on September 29.

Open Exchange Token (OX), the native token of the crypto bankruptcy claims platform OPNX, spiked 50% just 20 minutes after co-founder Su Zhu supposedly posted to X (Twitter) for the first time since his arrest.

On Dec. 1, Su posted a simple “gm” — an abbreviation for “good morning” — marking his first X post since Sept. 29, the same day he was arrested at Singapore’s Changi Airport attempting to leave the country.

‘Gm’ is a widely used slang among the crypto community that refers to good morning or “We are gonna make it.”

gm— 朱溯 (@zhusu) December 1, 2023

In the 20 minutes after Su’s X post, OX jumped nearly 50% to $0.021 and hit a 63-day high — a price not seen since the day of Su’s Sept. 29 arrest, according to CoinGecko data.

OPNX token spikes 50%
OX token price with a spike in the minutes after Su’s X post. Source: CoinGecko

Shortly after the price peak, OX retraced by around 6%. It’s market cap now sits at over $104.5 million.

Su was arrested on Sept. 29 when attempting to leave Singapore following a court order to send him to jail for contempt of court.

The order was meant to see Su serve four months’ imprisonment — meaning he wouldn’t be released until next year, though some have speculated he may have been released after a wallet labeled “suzhu.eth”  believed to belong to Su (though unconfirmed) — became active again on Nov. 29.

OPNX (Open Exchange) is a new public marketplace for crypto claims trading and derivatives.

The platform will use the FLEX token, the native coin that powers CoinFLEX.

The company aims to develop fully decentralized custody and clearing services on its platform before extending into equities, FX, and other products.

Users can also use their claims as collateral to trade crypto futures markets.

Su Zhu and co-founder Kyle Davies founded the exchange following the bankruptcy of their $10 billion Singapore-based crypto hedge fund Three Arrows Capital (3AC) — which folded in June 2022.

Su and Davies both initially fled Singapore after 3AC’s collapse ,Su returned and Davies is believed to reside on the Indonesian island of Bali.

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