HomeUncategorizedCoinFLEX creditors dissatisfied with restructuring to OPNX: Report By Cointelegraph

CoinFLEX creditors dissatisfied with restructuring to OPNX: Report By Cointelegraph

November 23, 2023

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Some creditors of cryptocurrency futures exchange CoinFLEX are alleging that OPNX, a new crypto exchange established in part by Three Arrows Capital (3AC) co-founders Kyle Davies and Su Zhu, was created using CoinFLEX assets without their consent.

According to a writ of summons filed in the High Court of Hong Kong and seen by Cointelegraph, CoinFLEX creditors claim that OPNX co-founder and former CEO Mark Lamb is “misappropriating and/or otherwise wrongfully using the assets, human resources, intellectual properties, […] trade secrets and other technologies” of CoinFLEX by diverting them into OPNX. It alleges that Lamb performed these actions contrary to his responsibilities to CoinFLEX creditors during his tenure.

List of plaintiffs and defendants in Writ of Summons. Source: Hong Kong High Court.
CoinFLEX Writ of Summons “Indorsement of Claim” section. Source: Hong Kong High Court.
Caption: Order in CoinFLEX restructuring case. Source: Supreme Court of Seychelles.