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Co-founder of the troubled crypto trade CoinFLEX Mark Lamb issued an open letter to Bitcoin evangelist and Bitcoin Money promoter Roger Ver providing him an “olive department” of “two years of free buying and selling on OPNX,” a newly-launched claims trade co-founded by Lamb.
The “olive department” refers to ending a longstanding feud between the 2, which might see Ver pay again an alleged excellent mortgage to CoinFLEX.
In June final 12 months, Lamb accused Ver of defaulting on a $47 million mortgage. On the time, Ver dismissed the declare as “blatantly false.” Since then, Lamb’s declare on Ver has practically doubled, in accordance with a lawsuit filed by CoinFLEX in opposition to Ver again in July final 12 months.
”The primary estimate of $47 million which we communicated didn’t embrace the numerous loss in liquidating his vital FLEX Coin positions,” learn a CoinFLEX announcement on the time. “Now that now we have discovered a bid for that measurement, the liquidations have created a remaining deficit of $84 million for the account.”
The newest open letter additionally asks Ver to “agree on a cost plan for the $84 million USD.”
Alongside Ver, he included Peter Smith, CEO and founding father of crypto trade Blockchain.com, in his tweet.
The letter asks Smith to “pay the three million FLEX Coin owed to us by way of your offshore Blockchain.com Cayman entity,” doubtless a reference to one other alleged debt that hit the press earlier this 12 months, which, in language echoing Ver, the trade dismissed as “fully meritless and a piece of fiction.”
FLEX Coin (FLEX) is the native token of CoinFLEX’s crypto trade.
Upon satisfying these situations, Lamb promised Ver and Smith an “fairness stake” in OPNX.
Ver, Lamb, and Smith didn’t instantly reply to Decrypt’s request for remark.
The letter outlined the tokenization of debt meant to avoid wasting CoinFLEX’s collectors and the Bitcoin Money (BCH) group from “lengthy drawn-out authorized processes” by providing a legal responsibility token known as “Restoration Worth USD” (rvUSD) on OPNX.
The thought of rvUSD was first floated again in June final 12 months when particulars of the alleged multi-million greenback debt first surfaced.
The CoinFLEX group unanimously authorised of the plan the next September, as did a Seychelles courtroom in March this 12 months, after CoinFLEX halted withdrawals and filed for restructuring citing “excessive market situations” and “continued uncertainty involving a counterparty,” a thinly veiled reference to Ver’s debt.
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What is OPNX?
The Open Exchange (OPNX) is a bankruptcy claims exchange that was announced by co-founder Su Zhu last February. It caters to those looking to trade bankruptcy claims—in cases from FTX to Blockfi—and uses CoinFLEX’s FLEX Coin as its native token.
The project is the brainchild of a collaboration between Three Arrows Capital (3AC) founders Su Zhu and Kyle Davies, and CoinFLEX founders Mark Lamb and Sudhu Arumugam.
A leaked early pitch deck drew negative responses from CoinFLEX’s community after they found out CoinFLEX’s founders had teamed up with the 3AC founders to raise $25 million.
Three Arrows Capital was one of the larger and more well-known casualties of last year’s liquidity crisis that rocked the industry in the wake of Terra’s spectacular collapse last May.
OPNX officially launched yesterday, with the first tradable claims token being rvUSD.
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