OPNX spikes after arrested Su Zhu’s “gm” on X

The token of the Open Exchange (OX) cryptocurrency platform OPNX rose 50% after a tweet from the arrested co-founder of the exchange Su Zhu.

According to CoinMarketCap data, the OPNX token price rose 50% to $0.0214 just 20 minutes after Su Zhu’s post, but has since settled at around $0.01734 cents at press time.

Zhu posted a simple “gm” – an acronym for “good morning” – marking his first X-post since Sept. 29, 2023 the same day he was arrested.

At the time of writing, the price of the coin had dropped to $0.01752 with an increase of 24% over the last 24 hours. OPNX hit a 63-day high, a price not seen since Su’s arrest on Sept. 29. However, OPNX is trading well below its all-time high of $0.08124 and its price has dropped significantly since the arrest of OX’s co-founder.

Trading volumes for the token also increased by 128% over the past 24 hours, reaching $7.9 million.

At the end of Sept. 2023, Zhu was arrested in Singapore while trying to leave the country. Police detained Zhu at Changi Airport as he tried to leave Singapore after issuing an arrest warrant. The order was obtained because he failed to comply with a previous court order requiring him to provide information related to the bankruptcy of Three Arrows Capital.

Three Arrows Capital (3AC) was a $10 billion hedge fund that collapsed in July 2022 due to the crash of the Terra ecosystem. Zhu and his partner Kyle Davies were said to be in hiding from liquidators when Zhu was apprehended, although they were active on social media after 3AC’s collapse. A similar detention order was made against Davies, though his whereabouts remain unknown.