The trading platform Ox.fun, linked to Su Zhu, the founder of Three Arrows, has reportedly expanded the number of OX tokens from approximately 4 billion to nearly 9.8 billion without an official announcement.
After Three Arrows Capital (3AC) collapsed, Su Zhu faced legal issues, adding to worries about Ox.fun's reliability. However, further information sheds light on the situation.
There were allegations that Ox.fun secretly increased the total OX token supply, as users claimed it surged from about 4 billion to over 9.8 billion without prior notice. Data from Ox.fun's official dashboard and Etherscan confirmed this change.
Additionally, a tweet from Ox.fun in December 2024 verified the original OX supply as 4.2 billion. Despite the increased supply, the token's price remained relatively stable. However, it led to a rise in the token's market capitalization from under $5 million to around $17 million, sparking concerns of undisclosed value inflation.
Critics argued that the lack of disclosure about the token supply increase pointed to shady practices, possibly indicating a potential scam.
Users expressed frustration over the initial silence from project leaders regarding the supply surge, implying an attempt to go unnoticed. Finally, Ox.fun responded, claiming that the surge in supply to 9.8 billion tokens was announced in April 2025 as part of the "Ox Seasons" program across all social media platforms.
They assured users that the additional tokens are locked in the OX treasury, set for distribution at the program's end. By disabling the smart contract's mint function, the project aimed to ensure transparency and prevent future token minting.
Despite these explanations, community skepticism persists, fueled by delayed communication and doubts about Ox.fun's transparency, especially given Su Zhu's recent controversies. Concerns about financial stability have also been raised due to previous incidents involving JefeDAO.
Although the price of OX tokens did not experience significant changes after the supply increase, smaller platforms like Ox.fun are often sensitive to market sentiment fluctuations.