OpenX Token Crashes 80% After Co-Founder Arrested for Attempted Flight

Open Exchange Token (OX) value crashed after co-founder Su Zhu's arrest, losing over 80% from its all-time high.
Zhu's arrest triggered a fire sale of OX tokens worth $1 million.
OX is the native token of crypto exchange OpenX, providing fee discounts and governance rights.
OpenX was launched amid controversy due to associations with Zhu's defunct hedge fund Three Arrows Capital.
Zhu faces 4 months in prison in Singapore for attempting to flee authorities amid Three Arrows Capital's collapse.

beincrypto.com

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8/1/2023

Binance CEO Changpeng Zhao Pushed to Shutter U.S. Exchange

- Binance founder and CEO Changpeng Zhao attempted to shut down the crypto exchange's U.S. offshoot earlier this year. - The decision to liquidate the company was put to a vote by the Binance.US board of directors, but it did not receive unanimous support. - Binance.US CEO Brian Shroder opposed the decision, expressing concerns about the potential negative impact on customers. - The attempted shutdown highlights the lengths Zhao was willing to go to protect the larger global exchange amid increasing regulatory scrutiny. - Binance.US had received a $4.5 billion valuation from investors last year.

8/1/2023

Binance CEO Changpeng Zhao Pushed to Shutter U.S. Exchange

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Three Arrows co-founder Su Zhu arrested in Singapore amid efforts to recover assets after $10B crypto hedge fund collapse

Co-founder of Three Arrows Capital, Su Zhu, has been arrested in Singapore and sentenced to four months' imprisonment for contempt of court after failing to comply with a court order relating to the recovery of funds for creditors of the bankrupt hedge fund.

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FTX's Risky Decisions Driven by Sam Bankman-Fried's Extreme Altruism Beliefs, Says Former Engineer

The collapse of crypto exchange FTX was influenced by the philosophy of effective altruism, leading to increasingly risky and bizarre actions justified under the ideology, according to a former software engineer at Alameda Research. The founder, Sam Bankman-Fried, believed in and espoused the principles of effective altruism, which contributed to the company's downfall. Bankman-Fried's commitment to his allegedly altruistic motives may be why he maintains his innocence despite substantial evidence against him.

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Posted 10/1/2023, 12:24:03 PM

OpenX Token Crashes 80% After Co-Founder Arrested for Attempted Flight

Open Exchange Token (OX) value crashed after co-founder Su Zhu's arrest, losing over 80% from its all-time high.
Zhu's arrest triggered a fire sale of OX tokens worth $1 million.
OX is the native token of crypto exchange OpenX, providing fee discounts and governance rights.
OpenX was launched amid controversy due to associations with Zhu's defunct hedge fund Three Arrows Capital.
Zhu faces 4 months in prison in Singapore for attempting to flee authorities amid Three Arrows Capital's collapse.

beincrypto.com

Relevant topic timeline:

8/1/2023

Binance CEO Changpeng Zhao Pushed to Shutter U.S. Exchange

8/1/2023

Binance CEO Changpeng Zhao Pushed to Shutter U.S. Exchange

9/29/2023

Three Arrows co-founder Su Zhu arrested in Singapore amid efforts to recover assets after $10B crypto hedge fund collapse

10/2/2023

FTX's Risky Decisions Driven by Sam Bankman-Fried's Extreme Altruism Beliefs, Says Former Engineer