Creditors of Struggling Crypto Exchange CoinFLEX Sue CEO and Seek Funds from ‘Bitcoin Jesus’ Roger Ver
Creditors of CoinFLEX, a bankrupt exchange, sue CEO Mark Lamb and early investor Roger Ver, aka Bitcoin Jesus, alleging breach of fiduciary duty over the new exchange OPNX launch and unauthorized use of company assets.
On October 25, creditors of the now-defunct cryptocurrency exchange CoinFLEX accused CEO Mark Lamb of breaching his fiduciary duty by creating a new company, OPNX, in collaboration with the founders of the failed crypto hedge fund Three Arrows Capital.
In a Hong Kong civil court filing dated October 12, the creditors have characterized OPNX as a “competing business” in relation to CoinFLEX and said that Lamb should be barred from acting or speaking on CoinFLEX’s behalf. As a result, OPNX, Mark Lamb, and CoinFLEX investor Roger Ver have all been named as co-defendants in the case, reflecting the creditors’ claims that Lamb’s actions violated his obligations to CoinFLEX.
Leslie Lamb, who currently serves as the CEO of OPNX and the wife of Mark Lamb, made a LinkedIn post announcing that ‘CoinFLEX will be officially rebranding to Open Exchange.’
However, this rebranding had not received approval from CoinFLEX’s board or creditors. Creditors claim that Mark Lamb acted independently and improperly by appropriating CoinFLEX’s intellectual property, technology, customer base, and employees to establish OPNX.
The creditors allege that Lamb entered into a licensing and purchase agreement with OPNX’s parent companies, which they view as being detrimental to CoinFLEX’s interests and not commercially sound. Consequently, they are seeking to nullify the licensing and purchase agreements related to OPNX and want all assets and profits from OPNX to be placed into a trust temporarily.
Furthermore, the suit accuses Lamb of
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