The shipwreck who was arrested in Singapore today and sentenced to four months in prison cryptocurrency The stock market project, which was recently launched by Zhu Su, founder of the company Three Arrows Capital, was also hit.
The token of the exchange called Open Exchange Open Exchange Token (OX), It fell sharply after the news of Zhu Su’s arrest, losing approximately 57% of its value at its bottom.
The token, which was around $0.024 before the news of the arrest, is trading at $0.013 at the time of writing.
Analysts at Onchain analysis company Lookonchain warned that the selling pressure on the OX token may increase and stated that two different whales withdrew a total of approximately $ 1 million of OX tokens from the Open Exchange exchange to their wallets.
Although this is normally a small amount for a whale, it could deeply impact OX, a small altcoin with a market cap of $37 million.
However, a whale, in a smart or rather lucky move, sold all his OX tokens just before Zhu Su’s arrest and was not affected by the decline.
Three Arrows Capital was one of the first top cryptocurrency firms to file for bankruptcy, affected by the sharp sell-off in crypto markets in 2022.
*This is not investment advice.
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