The stock market project recently launched by Zhu Su, the founder of the bankrupt cryptocurrency company Three Arrows Capital, who was arrested in Singapore today and sentenced to four months in prison, was also hit.
Open Exchange Token (OX), the token of the exchange called Open Exchange, showed a huge decline after the news of Zhu Su's arrest and lost approximately 57% of its value at its bottom.
The token, which was around $0.024 before the arrest news, is trading at $0.013 at the time of writing this article.
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, one 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.
