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Another crypto exchange supported by Su Zhu raises $4m

another-crypto-exchange-supported-by-su-zhu-raises-4m
Edited by
News
Another crypto exchange supported by Su Zhu raises $4m

OX.FUN, reportedly supported by controversial Three Arrows Capital (3AC) founder Su Zhu, has closed a new $4 million funding round led by Foresight Ventures.

According to the OX.FUN post on X, investment will be used for product iteration, team building, market expansion, and other platform development goals.

“It brings us one step closer to our goal of making trading crypto fun, engaging, and rewarding again.”

OX.FUN team

According to the platform, OX.FUN was launched in January 2024 as a gamified exchange, adopting an innovative dual-token model in which traders earn OX coin for closing winning trades and a secondary token, MILK, for losing trades. The OX, named as “centerpiece” of the exchange, is serving as collateral on the platform and the reward currency.

The platform team also claims that since its launch, OX.FUN has received $1.5 billion in deposits and $20 billion in trading volumes.

OX.FUN is not the first attempt by Su Zhu to promote a new crypto project after the scandalous collapse of 3AC in the summer of 2022. At the beginning of 2023, Su Zhu and his partner Kyle Davies announced the launch of the OPNX cryptocurrency exchange. Just a year later, in early February, the exchange sent out a letter to users announcing its imminent closure. OPNX management “strongly” advised clients to close all positions by Feb. 7 and withdraw funds by Feb. 14.

Su Zhu, facing an attack from creditors after the collapse of 3AC, was arrested in Singapore in September 2023. In December 2023, he reportedly faced his first court questioning in Singapore court regarding the firm’s collapse.