3AC-related OX.FUN denies insolvency rumors, Bybit goes to war: Asia Express
New 3AC controversy as OX.FUN rejects claims its assets are mostly its own token, plus sleuths trace stolen Bybit funds. Asia Express.
OX.FUN, a memecoin exchange that emerged from the remnants of Open Exchange (OPNX), found itself at the center of insolvency rumors this week after freezing $1 million in user deposits.
The controversy erupted on Feb. 21, when X user JefeDAO claimed on X that one of its members had deposited $1 million in USDC into OX.FUN, only to find the funds locked moments later. According to JefeDAO, the platform accused the user of violating its terms of service.
Nicolas Bayle, OX.FUNs founder, pushed back against the allegations, stating that the user had attempted to exploit the platform. OX.FUN claimed the individual engaged in market manipulation to earn $120,000 in OX tokens, prompting the freeze. The exchange added that an agreement had been reached with JefeDAO, the account was reinstated and the original deposit would be refunded.
