|
|
On the evening of September 29th, Su Zhu, the founder of bankrupt Three Arrows Capital, was arrested at Changi Airport in Singapore as he attempted to leave the country. Teneo, the liquidator for Three Arrows Capital, stated that they received a declaration stating that Su Zhu had been sentenced to four months in prison for failing to comply with court orders related to the liquidation investigation.
OPNX token, the exchange owned by Su Zhu, plunged over 50%
On September 25th, Teneo, the liquidator for Three Arrows Capital, first obtained a detention order against Su Zhu in Singapore for "failure to comply with court orders." Teneo stated that during these four months, the liquidation team will attempt to discuss matters related to Three Arrows Capital's bankruptcy with Su Zhu, with a focus on recovering assets belonging to Three Arrows Capital or assets purchased using Three Arrows Capital funds. They also requested him to provide all previously undisclosed information, and the liquidation team claimed that further court orders may be sought during Su Zhu's imprisonment.
Upon news of his arrest, the price of OX, the token associated with Open Exchange (OPNX), a cryptocurrency debt trading platform co-launched by Kyle Davies and Su Zhu in April this year, plummeted from $0.0225 to $0.0101, a drop of over 50%. As of the time of writing, the token has experienced a 43% drop in the past 24 hours.
Additionally, according to Lookonchain data, several whales have begun withdrawing large amounts of OX tokens from OPNX. Addresses starting with 0xBa85 withdrew 68.3 million OX tokens (valued at approximately $840,000), and addresses starting with 0xe7a6 withdrew 5.82 million OX tokens (valued at approximately $74,000). These wallets have not yet sold the tokens.
Dubai government monitoring Su Zhu
The Singapore government is not the only one monitoring Su Zhu's activities. In mid-August this year, the Dubai Virtual Asset Regulatory Authority (VARA) fined OPNX a hefty $2.7 million, accusing OPNX of operating without the necessary licenses. Although Su Zhu distanced himself from the allegations, stating that he had only contributed to the initial idea of OPNX and was not involved in its daily operations, VARA's fine announcement identified Su Zhu and Davies as among the "founders" of OPNX.
In fact, following Three Arrows Capital's announcement of bankruptcy in July of last year, Su Zhu and Kyle Davies pledged to make a comeback. In April, they jointly launched the cryptocurrency debt trading platform Open Exchange (OPNX). Although the platform had very low trading volume initially, with the issuance of a new governance token, $OX, and the opening of debt claims and trading for Celsius and FTX in mid-July, its trading volume gradually increased, attracting considerable attention from the market. |
|
Post time 2-10-2023 09:00:40
