OPNX Shuts Down, CoinFLEX Creditor Claims
Last week, the Open Exchange (OPNX) announced that it was ceasing operations, which has caused a wave of vindication among CoinFLEX board members and creditors. CoinFLEX was the previous venture of OPNX’s CEO Mark Lamb and co-founders Su Zhu and Kyle Davies. Creditors claim they were left powerless when CoinFLEX rebranded to OPNX. Zhu and Davies have since moved on to OX.Fun, a crypto derivatives platform, as advisors. However, there are ongoing legal claims against OPNX from the new CoinFLEX board. Meanwhile, OPNX investors are following Zhu and Davies to turn the OX token into a memecoin.
Concerns of Destruction and Education
CoinFLEX creditors have expressed concerns about the actions of Lamb, Zhu, and Davies. They believe that these individuals have left a “trail of destruction” behind them. The creditors also feel that some investors are ignoring their track record by blindly following Zhu and Davies to new ventures like OX.Fun. They believe that education is important in preventing such situations and that those who do not conduct due diligence should be held accountable.
The Aftermath for CoinFLEX
Although CoinFLEX rebranded to OPNX, the company still exists without Lamb. The current board is dealing with disgruntled individuals who believe that laws have been broken throughout this process. The board has ongoing legal actions against OPNX, which have not been affected by the recent news. They hope that authorities take note of what they perceive as corporate games and grift perpetuation. The current focus for the board is untangling the mess left behind by CoinFLEX.
Past Events: CoinFLEX Restructuring and Rebranding
Prior to OPNX, Mark Lamb founded CoinFLEX in 2019. The project faced difficulties, leading Lamb to seek help from Zhu and Davies, who had just experienced the collapse of their crypto hedge fund Three Arrows Capital (3AC). CoinFLEX later froze withdrawals due to an investor defaulting on a margin agreement. This resulted in a restructuring approved by the Seychelles Court. CoinFLEX was then rebranded to OPNX, leaving the previous board and creditors with no power in the new exchange.
Allegations of Misuse of Funds
The CoinFLEX board and creditors allege that Lamb and the 3AC co-founders used CoinFLEX funds for various purposes, including covering 3AC legal fees, hiring for OPNX, and funding a photoshoot in Dubai. These allegations have not been directly addressed by Lamb or the others involved.
Hot Take: What CoinFLEX Left Behind
The recent closure of OPNX has brought vindication to the CoinFLEX board members and creditors who felt powerless after the rebranding. However, they continue to face ongoing legal battles. The situation has raised concerns about corporate games and grift perpetuation. Education is seen as crucial in preventing such incidents, and those who neglect due diligence may need to face consequences. The focus for the current CoinFLEX board is on untangling the mess left behind and reclaiming assets like the website. Overall, this situation highlights the importance of transparency and accountability in the crypto industry.
By
By