Ox.fun related to Su Zhu facing backlash for suddenly doubling OX Token supply

The Ox.fun trading platform, associated with Three Arrows Capital founder Su Zhu, is accused of increasing the OX token supply from around 4 billion to nearly 9.8 billion without an official announcement.

After the collapse of Three Arrows Capital (3AC), Su Zhu faces potential imprisonment, raising concerns about Ox.fun's reliability. However, subsequent details provide additional context.

Ox.fun Increases Total OX Token Supply

According to a post on X, users accuse Ox.fun of silently increasing the total OX token supply from around 4 billion to over 9.8 billion without prior notification. Data from Ox.fun's official dashboard and Etherscan, a trusted blockchain analysis tool, confirmed this change.

Moreover, according to an post from December 2024, Ox.fun initially confirmed the OX supply as 4.2 billion.

The supply increase did not significantly impact the OX token price at the time of writing. However, it caused the token's market capitalization to rise from under 5 million USD to around 17 million USD. In other words, online users believe the project silently increased its value without any official announcement.

Many community members argue that increasing token supply without disclosure indicates non-transparent behavior. They believe this could be a sign of a Rug Pull.

Users also expressed disappointment about the initial lack of response from the project's leadership.

"I love how @OXFUNHQ @zhusu continue to remain silent about doubling the circulating supply of $OX overnight. I really think they just hope no one will notice. Pathetic," a X user commented.

Ox.fun Declares Token Supply Increase Was Announced

Finally, Ox.fun responded to the accusations, stating that the increase was previously announced. The project explained that the supply increase to 9.8 billion tokens was announced on 01/04/2025, as part of the "Ox Seasons" program. According to Ox.fun, Ox Seasons was announced across all social media platforms.

"Importantly, the tokens are locked in the OX Treasury multisig wallet (0x4B214e2a2a9716bfF0C20EbDA912B13c7a184E23) and will only be distributed to users at the end of the Seasons program, as stated in our documentation." Ox.fun said

The team emphasized that this move, by disabling the smart contract's mint function, aims to ensure transparency and prevent future token minting.

However, the community remains skeptical due to the communication delay, questioning whether Ox.fun is truly as transparent as they claim.

Community skepticism continues, as Su Zhu's reputation in the cryptocurrency field has been damaged since the Three Arrows Capital (3AC) collapse. Additionally, in February 2025, Ox.fun encountered issues with JefeDAO. Although the platform later provided explanations, these incidents have continuously raised concerns about its financial stability.

Although the OX token price has not experienced significant volatility following this event, small trading platforms like Ox.fun are often susceptible to market sentiment.