Recently, OXFUN, a meme coin trading platform launched by Zhu Su, co-founder of the defunct venture capital 3AC, has recently fallen into major controversy, with multiple users accusing their funds of being frozen for no reason on social media X, and Zhu Su is suspected of trying to force users to promote for free through blackmail. As more information comes to light, OXFUN's financial position and operational transparency are widely questioned.
(Three Arrows Capital (3AC)Co-founder Su Zhu was arrested at Changi Airport and sentenced to four months in prison)
What is OXFUN?
As a meme coin trading platform founded in 2024, OXFUN offers sustainable contract trading based on meme coins, and its native token $OX as the core, providing services such as staking, collateralized borrowing, and copy trading.
According to reports, OXFUN was founded by Su Zhu and Kyle Davies, both of whom were former co-founders of the bankrupt cryptocurrency fund Three Arrows Capital (3AC), which collapsed in 2022 due to market collapse.
( Three Arrows Exchange OPNX launches governance platform and new platform coin "OX"! The debt trading feature was recently launched, with Celsius and FTX as the initial trading ) pairs
User complaints: JefeDAO million dollars frozen, no way to communicate
The artist group JefeDAO first posted on X that one of their members deposited $1 million in USDC into the OXFUN platform last week, only to find the funds frozen when they tried to withdraw it hours later. The platform only responded that the account "violated the terms of service", but did not specify the specific violation.
One of our DAO members deposited $1m USDC into @OXFUNHQ last week.
A few hours later, we attempted to withdraw funds and they were locked. They stated that we “violated terms of service” but won’t tell us what we did. pic.twitter.com/R9RyQzaDoc
— jefeDAO (@thejefedao) February 21, 2025
We tried to contact the platform through multiple channels, including co-founder iamabsinthe, official customer service, and the platform's Telegram channel, but were blocked or refused to respond for the same reason.
In the article, they specifically named Zhu Su, another founder of OXFUN, and demanded that the problem be solved immediately.
Crypto KOL warns of divestment: OXFUN is like a "blockchain terrorist"
Crypto KOL Anon also warned about this, calling on all users to immediately withdraw from OXFUN. He pointed out that JefeDAO, which he worked with, was facing a fund freeze crisis, and OXFUN not only refused to solve the problem, but also tried to blackmail users on the condition of promotion:
Everyone should remove your funds from @OXFUNHQ immediately! @thejefedao , a collective of artists that I’ve worked with previously, deposited $1M into the OXFUN platform and is unable to withdraw.
Founders have blocked them and neglected to resolve the issue.
Now it’s… pic.twitter.com/g0PBR0wTQl
— anon (@anon_rip) February 23, 2025
Now that the truth has come out, OXFUN is actually blackmailing JefeDAO for propaganda purposes, forcing them to promote the platform for free for five months in order to get their funds back, and JefeDAO is now almost negotiating with terrorists on the blockchain.
Anon criticized the team for behaving despicably and akin to fraud, calling on the community to forward the message and compel the platform to return the funds.
Financial doubts: OXFUN assets have shrunk significantly
Another user, Conor, analyzed OXFUN's finances through blockchain data and found that the value of its traceable assets had dropped to about $1.7 million, and most of them were not even OXFUN's own coin OX:
From what I can piece together onchain, OxFun, Su Zhu’s crypto exchange, is down to <~$1.7M of assets that are not named OX pic.twitter.com/i6MeiHRM46
— Conor (@jconorgrogan) February 24, 2025
If JefeDAO's $1 million USDC withdrawal request is processed, the platform will only have about $1,000 USDC left.
Conor further pointed out that OXFUN's multiple Ethereum wallet assets have been emptied, while its Solana wallet holds about $1 million in assets, but most of them are meme coins such as SLERF.
He also observed that the platform is withdrawing from multiple liquidity pools, exchanging SOL for USDC and purchasing OX coin, raising doubts about its liquidity and operational capabilities.
Given that OXFUN was founded by Su Zhu and Kyle Davies, who founded the bankruptcy fund 3AC, this background adds to the crisis of confidence.
OXFUN RESPONDED: USERS TRIED TO ATTACK THE PLATFORM FIRST
In response to external doubts, OXFUN immediately issued a statement, stating that all withdrawals are being processed and criticizing this incident as 'organized malicious spreading of panic'.
Except for JefeDAO, no other users were affected. The user attempted to manipulate the oracle on the platform and froze the funds, and is now widely publicizing it through community platforms.
The team said that founder Nico will issue an official statement on this soon, but there has been no further update so far.
JefeDAO, meanwhile, countered that OXFUN was prepared to fabricate stories to cover up the truth, stressing that its extortion had long since become evidence of fraud.
The turmoil on the OXFUN platform has sparked heated discussions in the crypto community, and JefeDAO's experience and strong condemnation from the community have undoubtedly put the credibility of OXFUN in jeopardy. The platform's subsequent handling and clarification of responsibilities will also become the focus of users' attention.
This article Zhu Su ran away again? OXFUN suspected of extorting millions of dollars from users: help promote otherwise freeze First appeared in Chain News ABMedia.
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Zhu Su又Rug Pull？OXFUN疑勒索用戶百萬美元資金：幫忙宣傳否則凍結
Recently, OXFUN, a meme coin trading platform launched by Zhu Su, co-founder of the defunct venture capital 3AC, has recently fallen into major controversy, with multiple users accusing their funds of being frozen for no reason on social media X, and Zhu Su is suspected of trying to force users to promote for free through blackmail. As more information comes to light, OXFUN's financial position and operational transparency are widely questioned.
(Three Arrows Capital (3AC)Co-founder Su Zhu was arrested at Changi Airport and sentenced to four months in prison)
What is OXFUN?
As a meme coin trading platform founded in 2024, OXFUN offers sustainable contract trading based on meme coins, and its native token $OX as the core, providing services such as staking, collateralized borrowing, and copy trading.
According to reports, OXFUN was founded by Su Zhu and Kyle Davies, both of whom were former co-founders of the bankrupt cryptocurrency fund Three Arrows Capital (3AC), which collapsed in 2022 due to market collapse.
( Three Arrows Exchange OPNX launches governance platform and new platform coin "OX"! The debt trading feature was recently launched, with Celsius and FTX as the initial trading ) pairs
User complaints: JefeDAO million dollars frozen, no way to communicate
The artist group JefeDAO first posted on X that one of their members deposited $1 million in USDC into the OXFUN platform last week, only to find the funds frozen when they tried to withdraw it hours later. The platform only responded that the account "violated the terms of service", but did not specify the specific violation.
One of our DAO members deposited $1m USDC into @OXFUNHQ last week.
A few hours later, we attempted to withdraw funds and they were locked. They stated that we “violated terms of service” but won’t tell us what we did. pic.twitter.com/R9RyQzaDoc
— jefeDAO (@thejefedao) February 21, 2025
We tried to contact the platform through multiple channels, including co-founder iamabsinthe, official customer service, and the platform's Telegram channel, but were blocked or refused to respond for the same reason.
In the article, they specifically named Zhu Su, another founder of OXFUN, and demanded that the problem be solved immediately.
Crypto KOL warns of divestment: OXFUN is like a "blockchain terrorist"
Crypto KOL Anon also warned about this, calling on all users to immediately withdraw from OXFUN. He pointed out that JefeDAO, which he worked with, was facing a fund freeze crisis, and OXFUN not only refused to solve the problem, but also tried to blackmail users on the condition of promotion:
Everyone should remove your funds from @OXFUNHQ immediately! @thejefedao , a collective of artists that I’ve worked with previously, deposited $1M into the OXFUN platform and is unable to withdraw.
Founders have blocked them and neglected to resolve the issue.
Now it’s… pic.twitter.com/g0PBR0wTQl
— anon (@anon_rip) February 23, 2025
Now that the truth has come out, OXFUN is actually blackmailing JefeDAO for propaganda purposes, forcing them to promote the platform for free for five months in order to get their funds back, and JefeDAO is now almost negotiating with terrorists on the blockchain.
Anon criticized the team for behaving despicably and akin to fraud, calling on the community to forward the message and compel the platform to return the funds.
Financial doubts: OXFUN assets have shrunk significantly
Another user, Conor, analyzed OXFUN's finances through blockchain data and found that the value of its traceable assets had dropped to about $1.7 million, and most of them were not even OXFUN's own coin OX:
From what I can piece together onchain, OxFun, Su Zhu’s crypto exchange, is down to <~$1.7M of assets that are not named OX pic.twitter.com/i6MeiHRM46
— Conor (@jconorgrogan) February 24, 2025
If JefeDAO's $1 million USDC withdrawal request is processed, the platform will only have about $1,000 USDC left.
Conor further pointed out that OXFUN's multiple Ethereum wallet assets have been emptied, while its Solana wallet holds about $1 million in assets, but most of them are meme coins such as SLERF.
He also observed that the platform is withdrawing from multiple liquidity pools, exchanging SOL for USDC and purchasing OX coin, raising doubts about its liquidity and operational capabilities.
Given that OXFUN was founded by Su Zhu and Kyle Davies, who founded the bankruptcy fund 3AC, this background adds to the crisis of confidence.
OXFUN RESPONDED: USERS TRIED TO ATTACK THE PLATFORM FIRST
In response to external doubts, OXFUN immediately issued a statement, stating that all withdrawals are being processed and criticizing this incident as 'organized malicious spreading of panic'.
Except for JefeDAO, no other users were affected. The user attempted to manipulate the oracle on the platform and froze the funds, and is now widely publicizing it through community platforms.
The team said that founder Nico will issue an official statement on this soon, but there has been no further update so far.
JefeDAO, meanwhile, countered that OXFUN was prepared to fabricate stories to cover up the truth, stressing that its extortion had long since become evidence of fraud.
The turmoil on the OXFUN platform has sparked heated discussions in the crypto community, and JefeDAO's experience and strong condemnation from the community have undoubtedly put the credibility of OXFUN in jeopardy. The platform's subsequent handling and clarification of responsibilities will also become the focus of users' attention.
This article Zhu Su ran away again? OXFUN suspected of extorting millions of dollars from users: help promote otherwise freeze First appeared in Chain News ABMedia.