Creditors of the cryptocurrency derivatives exchange CoinFLEX are asserting that OPNX, a recently established creditor claims marketplace founded by the co-founders of the bankrupt crypto hedge fund Three Arrows Capital (3AC), Kyle Davies, and Su Zhu, has unlawfully utilized CoinFLEX assets without obtaining proper consent.
These allegations are outlined in a writ of summons filed in the High Court of Hong Kong and were initially reported by Cointelegraph on Thursday.
The plaintiffs, Liquidity Technologies and Liquidity Technologies Software, entities linked to CoinFLEX’s original operations, contend that Mark Lamb, the co-founder of OPNX and former CEO of CoinFLEX, wrongfully appropriated assets, intellectual properties, and trade secrets of CoinFLEX during his tenure.
The legal filing claims that Lamb redirected clients and business opportunities to OPNX, actively recruited employees and contractors, and participated in actions deemed harmful to CoinFLEX creditors.
Critics argue that Lamb’s actions extend to forging a fraudulent non-disclosure agreement and falsely representing OPNX’s connection to CoinFLEX creditors.
The accusations also underscore Lamb’s simultaneous involvement in establishing OPNX while holding the position of CoinFLEX’s CEO.
The legal action stems from dissatisfaction with the restructuring of CoinFLEX, which resulted in the suspension of withdrawals, prompting creditors to form an ad hoc committee for discussions.
Following the approval of the restructuring on March 7, creditors allege that they discovered Lamb’s actions against their interests, leading to the initiation of the writ of summons.
It’s important to note that these allegations have not been substantiated in the High Court of Hong Kong, and the legal proceedings introduce another layer of complexity to the ongoing saga.
In response to criticism from figures like BitMEX co-founder Arthur Hayes, OPNX maintains that its model benefits creditors by enabling them to sell claims on the exchange.
