OX Price Crash By Over 50% After The Arrest Of Zhu Su

Key Points:

• Zhu Su’s arrest led to the OX price crash by over 50%.
• Contempt of court charges were filed due to his non-cooperation with liquidators.
• A significant OX holder swiftly sold off tokens, sparking questions about their timing.

OX price crashed by over 50% after Zhu Su, co-founder of the now-defunct crypto hedge fund Three Arrows Capital detained at Changi Airport while attempting to leave Singapore on September 29th.

Zhu Su, co-founder of the now-defunct crypto hedge fund Three Arrows Capital, was reportedly detained at Changi Airport while attempting to leave Singapore on September 29th.

Singaporean courts swiftly sentenced him to a four-month prison term. His fellow co-founder, Kyle, received a similar order, compelling him to cooperate with the liquidator’s ongoing investigation.

OX Price Crash

The crypto market didn’t remain unaffected by this news. The Open Exchange Token, OX, witnessed a staggering 50% price crash as news of Zhu Su’s arrest spread.

Additionally, Lookonchain reported that an individual who had been accumulating 304,599 OX tokens (valued at $7,000) over the past month hastily sold them off upon hearing of Zhu Su’s arrest. The question arises: Was this move a result of strategic foresight or mere luck?

Wu said that the arrest stemmed from Zhu Su’s refusal to cooperate with liquidators and provide requested information, leading to contempt of court charges. Such a lengthy sentence for contempt is uncommon in legal proceedings.

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