Ox.fun, the trading platform associated with Three Arrows founder Su Zhu, allegedly increased the supply of OX tokens

The trading platform Ox.fun, linked to Three Arrows founder Su Zhu, allegedly upped the total supply of OX tokens from around 4 billion to nearly 9.8 billion without any official announcement.

Following the bankruptcy of Three Arrows Capital (3AC), Su Zhu faced legal trouble, rendering this move surprising yet unsurprising to many. However, further details provide additional context.

Ox.fun Increases Total Supply of OX Tokens

According to posts on X, users accused Ox.fun of silently increasing the total supply of OX tokens from roughly 4 billion to more than 9.8 billion without any prior disclosure. Data from Ox.fun’s official dashboard and Etherscan verified this change.

Furthermore, according to a December 2024 post from Ox.fun on Twitter, the original OX supply was verified as 4.2 billion.

The supply increase had not yet significantly impacted the price of OX tokens at the time of this writing. However, it has caused the token’s market capitalization to surge from under $5 million to approximately $17 million. In other words, project quietly inflated its value without any formal announcement.

Many community members argued that increasing the token supply without disclosure indicates opaque behavior. They think it may be a signal for a rug pull.

Users also expressed their frustration over the lack of response initially from the project’s leaders.

“I love how @OXFUNHQ @zhusu continue to be dead silent about doubling the circulating supply of $OX overnight. I sincerely think they were just hoping that simply no one would notice. True regards,” commented an X user.

Ox.fun Claims It Announced OX Seasons

Ox.fun finally responded to the accusations, stating that the increase had been previously disclosed. The project explained that the increase in supply to 9.8 billion tokens was announced on April 1, 2025, as part of the “Ox Seasons” program. According to Ox.fun, Ox Seasons was announced through all social media platforms.

“Importantly, the tokens are locked in the OX treasury multisig (0x4B214e2a2a9716bfF0c20EbDA912B13c7a184E23) and will only be distributed to users at the end of the Seasons program, exactly as outlined in our docs.” stated Ox.fun

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

However, the community remains skeptical due to the delayed communication, questioning whether Ox.fun has been as transparent as it claims.

The community's skepticism persists, given Su Zhu's reputation in the crypto space has been tarnished since the bankruptcy of Three Arrows Capital (3AC). Additionally, in February 2025, Ox.fun had some issues with JefeDAO. Although the platform later provided explanations, these incidents have raised ongoing concerns about its financial stability.

While the price of OX tokens has not experienced significant fluctuations following this event, smaller trading platforms like Ox.fun are often more sensitive to market sentiment compared to larger exchanges.