Cryptocurrency

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

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.

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.

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, short for Open Exchange, is a platform allowing for the trade of creditor claims from bankrupt crypto companies.

Related: CoinFLEX creditors dissatisfied with restructuring to OPNX: Report

Su 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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