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Ox.fun’s recent increase in OX token supply has sparked widespread concern among the cryptocurrency community, raising questions about transparency and trust.
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The stark jump in market capitalization from under $5 million to $17 million has intensified scrutiny on the trading platform, linked to the controversial figure Su Zhu.
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“Given the shadow of past controversies, the cautious response from the community is understandable,” noted a report from COINOTAG.
Recent allegations against Ox.fun regarding the sudden supply increase of OX tokens have unsettled investors, prompting discussions about project transparency.
Ox.fun Increases Total Supply of OX Tokens
Allegations have surfaced that Ox.fun increased the supply of OX tokens from approximately 4 billion to nearly 9.8 billion without prior notice to investors. This drastic change was validated through Ox.fun’s official dashboard and Etherscan, a reputable blockchain analytics tool, prompting outrage among community members.
Moreover, a post from December 2024 indicated that the verified original supply of OX was actually 4.2 billion. The recent increase has resulted in a dramatic surge in the token’s market capitalization from under $5 million to around $17 million, raising alarms among investors who believe the inflate was executed without appropriate disclosure.
Critics of the project have pointed to the opacity of the supply increase as a potential red flag. Many community participants expressed concerns that increases without formal announcements are often indicative of possible malicious activities, such as a rug pull.
Users took to social media to voice their frustration, lamenting the lack of communication from Ox.fun’s leadership. One user remarked, “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,” highlighting the growing distrust.
Ox.fun Claims It Announced OX Supply Surge
In response to the escalating backlash, Ox.fun clarified that the supply increase was partially disclosed on April 1, 2025, under the initiative dubbed the “Ox Seasons” program. The trading platform asserted that this announcement was shared across all major social media channels.
“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,” according to a statement from Ox.fun.
The project’s team emphasized the necessity of this supply adjustment, explaining that disabling the smart contract’s mint function was intended to foster transparency and prevent further token minting. Despite these assertions, skepticism within the community remains, primarily due to a perceived delay in communication from the project’s leadership.
Community members voiced ongoing concerns regarding Ox.fun’s operations, particularly due to Su Zhu’s controversial past linked to the collapse of Three Arrows Capital (3AC). Additional complications arose in February 2025, when Ox.fun encountered issues with JefeDAO, amplifying concerns about the platform’s market stability.
While OX token prices have not shown extreme fluctuations in the aftermath of these events, platforms with limited market reach like Ox.fun often remain sensitive to overall market sentiment.
Conclusion
The significant increase in the OX token supply, along with the underlying controversies surrounding Ox.fun and its leadership, raises critical questions about transparency and investor trust in the platform. As stakeholders await further developments, maintaining a vigilant approach remains paramount for those involved in the cryptocurrency ecosystem.
