Coinbase Executive: Zhu Su's OX.FUN May Face a Liquidity Crisis

BlockBeats News, February 24th, Coinbase executive Conor Grogan posted on social media, stating, "Based on my on-chain analysis, Zhu Su's crypto trading platform OxFun currently holds non-OX assets worth approximately less than $1.7 million."

If they process a pending $1 million USDC withdrawal request (last week, a member of jefeDAO deposited $1 million USDC to OX.FUN and then attempted to withdraw the funds, but the funds were locked due to a terms of service violation), the remaining USDC balance will drop to around $1,000. Of course, it's also possible that they have undisclosed wallets that I can't track. But to be honest... this is Zhu Su, you know what I mean."

Latest updates:

· All ETH in the Gnosis Safe multisig wallet seems to have been emptied;

· 2 Solana wallets found, with a total balance of less than $1 million, mainly holding FWOG and SLERF tokens;

· They appear to be withdrawing some LP positions' liquidity, selling SOL for USDC, while buying OX.