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HomeCryptoCurrencyOpen Exchange (OPNX) Native Currency Collapses After Co-Founder Su Zhu's Arrest

Open Exchange (OPNX) Native Currency Collapses After Co-Founder Su Zhu’s Arrest

The Collapse of Open Exchange (OPNX) Currency Following Co-Founder Su Zhu’s Arrest

Open Exchange (OPNX) native The currency collapsed on Heels of Co-Founder Su Zhu’s arrest.

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When Zhou was arrested in Singapore, it triggered Huge wave of Selling pressure, which led to in decline decline in the value of OX codes. according to Alphabet scienceabout $1 million worth of OX tokens were hastily eliminated token Pregnant women in The days that followed news.

K resultOX tokens fell as low as $0.010. While a minor recovery It happened from the beginning crashthe token value remains down by over 83% of its all-time high.

Oaks is native Cryptocurrency of OPNX, a specialized exchange designed for trading Claims of Insolvent crypto companies like FTX. Pregnant women of Benefit from OX tokens reduced trading expenses on The platform and you have an opinion in Its activities in the field of governance.

OPNX has been launched in April amidst controversy due to her engagement with Chu as well as Kyle Davis, co-founders of The now-defunct cryptocurrency hedge fund Three Arrows Capital (3AC).

Su Zhou arrest

This month, Su Zhou arrest At Changi Airport in Singapore sent shockwaves across the Internet3 community.

After him failure To comply with court instructions, Zhou was sentenced to four months in prison prison Judgment after the referral order is issued.

Tenio, the joint liquidator appointed by the court of 3AC revealed that a similar referral order had been granted against Davis, whereabouts remain unknown on time of writing.

As Cho begins his sentence, the liquidators are now focusing on “the recovery of assets Which is either property of 3AC or obtained using 3AC funds.

Su Zhou saga He has it once again made He. She clear Centralized crypto platforms cannot be trusted.

Chu and Davis once controlled about $10 billion worth of encryption assetsmade by 3AC one of The largest Web3 companies in the world.

However, it is coupled with falling prices of cryptocurrencies with Shady trading Cleaning strategies out that it assetsThe company was unable to repay its lenders. When 3AC went bankrupt, liquidator Tinio reported that both founders were uncooperative.

3AC is exposed

3AC has seen a major downfall in 2022 after the collapse of Du Kwon’s Terra Ecosystem.

Excessive influence on Long parking across various encryption assets And borrow large amounts of money It led to its bankruptcy.

After the collapse, Chu and Davis defaulted on loans and hid, leading To legal procedures against they.

In May, they received a written reprimand from Dubai Asset Regulatory Authority (VARA). for operating this venture.

Earlier this month, the Monetary Authority announced of Singapore (MAS) has barred 3AC’s co-founders from administration financial activity in Singapore for Nine years each.

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The Open Exchange (OX) symbol is trading At approximately $0.0136, which represents 35% decrease in the past a week and 70% decline in Monthly time frame.

the current Pressure tolerance on OX has led to a crash over 30 million dollars in the token’s market The market cap, which now hovers around $53 million.

the future of bull token And open exchange remains Uncertain as cryptocurrency community Struggle with the aftermath of Su Zhou arrest And falling of 3AC.

Investors and stakeholders are watching developments closely in This is unfolding saga.

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Adrian Ovalle
Adrian Ovalle
Adrian is working as the Editor at World Weekly News. He tries to provide our readers with the fastest news from all around the world before anywhere else.

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