The arrest of Su Zhu, co-founder of Open Exchange (OPNX), initiated a substantial downturn in the value of OPNX's native token, OX.

Following Zhu's arrest, approximately $30 million worth of OX tokens were swiftly sold off, resulting in a significant loss in OPNX's market capitalization, which now stands below $60 million, according to Alphanomics.

OX functions as the native token for OPNX, a specialized exchange tailored for trading claims of insolvent crypto firms, notably FTX.

Holders of OX tokens benefit from reduced trading fees and participate in governance activities on the platform.

The cryptocurrency plummeted by over 80% to reach $0.010. Although a minor recovery has since occurred, with the token now at $0.01462, its value remains down by more than 80% from its peak.

Su Zhu is also a co-founder of the now-defunct crypto hedge fund Three Arrows Capital (3AC).