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OX Token Plummets Amid OX Fun Extortion Rumors and Insolvency Fears Surrounding Former 3AC Founders
The cryptocurrency market has been rocked by yet another major scandal as the OX token, associated with the derivatives exchange OX.FUN, has plummeted in value amid allegations of extortion. The rumors have also sparked fears about the potential insolvency of former Three Arrows Capital (3AC) founders.
OX Fun, a derivatives exchange that specializes in trading over 200 cryptocurrencies, including meme tokens, with leverage options of up to 50x, has been at the center of controversy. According to sources, OX Fun allegedly owes millions to various cryptocurrency exchanges and investors, leading to accusations of extortion.
The situation has taken a turn for the worse as rumors began circulating that former 3AC founders Su Zhu and Kyle Davies may be involved in this scandal. The collapse of 3AC was due to poor risk management, recklessness in dealing with business partners, and an excessive amount of greed.
As the price of OX token continues to plummet, investors are left wondering if the company’s insolvency rumors have any merit. The allegations could have far-reaching consequences for the cryptocurrency market, as well as those involved in the scandal.
OX.FUN, along with its associated token, has seen a significant decrease in value.
Source: https://cryptoslate.com/ox-token-plummets-amid-ox-fun-extortion-and-insolvency-rumors/
