CoinFLEX Creditors Accuse OPNX of Wrongful Use of Assets
Creditors of CoinFLEX, the crypto derivatives exchange, have accused the newly established creditor claims marketplace OPNX of using CoinFLEX assets without permission. This allegation was made in a writ of summons filed in the High Court of Hong Kong. The plaintiffs, Liquidity Technologies and Liquidity Technologies Software, claim that former CoinFLEX CEO Mark Lamb misused CoinFLEX assets, intellectual properties, and trade secrets during his tenure. They also allege that Lamb diverted clients and business opportunities to OPNX and engaged in actions detrimental to CoinFLEX creditors. Critics argue that Lamb forged a fake non-disclosure agreement and falsely represented OPNX’s association with CoinFLEX creditors.
Legal Action in Response to Dissatisfaction with CoinFLEX Restructuring
The legal action taken by the plaintiffs is a response to their dissatisfaction with the restructuring of CoinFLEX, which resulted in halted withdrawals. As a result, creditors formed an ad hoc committee for deliberations. However, after the restructuring was approved on March 7, creditors claim to have discovered Lamb’s actions against their interests, leading to the filing of the writ of summons. It is important to note that these allegations have not been proven in the High Court of Hong Kong.
OPNX Defends Its Model
In response to criticism from figures like BitMEX co-founder Arthur Hayes, OPNX has defended its model by asserting that it benefits creditors by allowing them to sell claims on the exchange.
Hot Take: CoinFLEX Creditors Accuse OPNX of Misusing Assets
Creditors of CoinFLEX have accused OPNX, a creditor claims marketplace, of wrongfully using CoinFLEX assets without consent. The accusations involve former CoinFLEX CEO Mark Lamb, who is alleged to have misappropriated assets and engaged in actions detrimental to CoinFLEX creditors. These allegations have added another layer of complexity to the ongoing drama surrounding the restructuring of CoinFLEX. While the accusations have not been proven in court, they highlight the dissatisfaction among creditors and their concerns about the handling of their interests. OPNX has defended its model, claiming that it benefits creditors. This legal action raises questions about accountability and transparency in the crypto industry.
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