Ox.fun's Token Supply Doubles to 9.8 Billion, Sparking Transparency Concerns

Ox.fun, a trading platform associated with su Zhu, the founder of Three Arrows Capital, has faced significant backlash after allegedly increasing the supply of OX tokens from approximately 4 billion to nearly 9.8 billion without making an official announcement. This move has raised concerns about the platform's transparency and credibility, especially given Su Zhu's recent legal troubles following the collapse of Three Arrows Capital.

According to posts on X, users accused Ox.fun of discreetly increasing the total supply of OX tokens. Data from Ox.fun’s official dashboard and Etherscan, a reputable blockchain analysis tool, verified this change. The original OX supply was verified as 4.2 billion in a December 2024 post from Ox.fun on Twitter. The supply increase has not yet significantly impacted the price of OX tokens, but it has caused the token’s market capitalization to surge from under $5 million to approximately $17 million. Many community members argue that increasing the token supply without disclosure indicates opaque behavior and may be a signal for a rug pull.

Users also expressed their frustration over the lack of response initially from the project’s leaders. One X user commented, “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.”

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. The team emphasized that this move, by disabling the smart contract’s mint function, was intended 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 collapse of Three Arrows Capital. 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 vulnerable to market sentiment.

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