OPNX Offers Equity and Tokens to CoinFLEX Creditors Amidst Controversy

Published: October 31, 2023 at 8:00 am Updated: October 31, 2023 at 8:00 am

Edited and fact-checked:

In Brief

Mark Lamb, founder of OPNX and CoinFLEX stakeholder, has offered CoinFLEX creditors 25% OPNX equity and 1 billion OX tokens distributed over a decade.

Mark Lamb, founder of OPNX and CoinFLEX stakeholder, has announced a new deal for CoinFLEX creditors following the exchange’s 2022 bankruptcy. The proposed lifeline offers these stakeholders a chance at recuperation.

According to Lamb’s statement on X (formerly Twitter), the deal would allow CoinFLEX creditors to trade their existing stakes for a combined 25% equity in OPNX and a distribution of 1 billion OX tokens over a decade. This allocation is set to reward those acting quickly, incentivizing early agreement to the deal.

Legal Shadows Over OPNX

While Lamb presents the deal as a forward-looking solution, it comes amidst a backdrop of contention. Recent legal actions by CoinFLEX creditors allege that Lamb, with the support of early investor Roger Ver, overstepped his fiduciary responsibilities, leading to the launch of OPNX as a competing entity to CoinFLEX.

CoinFLEX Creditor Tender Offer: OPNX Shares and OX Tokens

Link to Migration: https://t.co/AJLGSNeSlj

Dear CoinFLEX Stakeholders,

My name is Mark Lamb, and I am writing to you today as a fellow CoinFLEX stakeholder and as a founder deeply committed to the success of OPNX.

When…

— 🐂 OPNX (Open Exchange) (@OPNX_Official) October 31, 2023

The Future of OPNX

The ongoing events have put the spotlight on both exchanges and have significant implications for the broader crypto industry. As both parties navigate these challenges, the industry will keenly follow the next steps in this unfolding drama.

Adding to the drama, Leslie Lamb, Mark’s spouse and current OPNX CEO, disclosed on LinkedIn that CoinFLEX intended to undergo rebranding as Open Exchange.

However, this alleged rebranding didn’t secure approval from CoinFLEX’s board or its creditors. Many creditors argue that Lamb overstepped by transferring CoinFLEX assets, such as its intellectual property and clientele, to lay the foundation for OPNX.

The unfolding of these events raises questions about the future of both exchanges and the crypto industry’s regulatory landscape.

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Nik is an accomplished analyst and writer at Metaverse Post, specializing in delivering cutting-edge insights into the fast-paced world of technology, with a particular emphasis on AI/ML, XR, VR, on-chain analytics, and blockchain development. His articles engage and inform a diverse audience, helping them stay ahead of the technological curve. Possessing a Master’s degree in Economics and Management, Nik has a solid grasp of the nuances of the business world and its intersection with emergent technologies.

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