In a revelation brought to light by an account on X (formerly Twitter) under the name “CoinFLEX Real,” allegations have emerged indicating that the founder of CoinFLEX, a derivatives exchange based in Hong Kong, along with their partners at Three Arrows Capital (3AC), have allegedly engaged in the misappropriation of creditor assets for personal gain.
Mark Lamb, the founder of CoinFLEX, along with Zhusu and Kyle Davies of 3AC, stand accused of utilizing funds entrusted to them as their personal “piggy bank.”
CoinFLEX Founder Accused Of Manipulation
CoinFLEX suffered significant losses, amounting to $160 million, leading to its collapse in June 2022, triggered by a negative balance from one of its customers, Roger Ver. Subsequently, a group of creditors developed a restructuring proposal to revive the exchange.
In September 2022, CoinFLEX’s leadership presented a restructuring plan that granted creditors a majority stake and control of the board. The company retained $10 million to finance litigation against Roger Ver and facilitate a reboot.
However, in January 2023, Mark Lamb suddenly established a separate exchange called OPNX, seemingly unrelated to CoinFLEX. Despite this, the exchange’s funds supported OPNX’s operations.
Mark allegedly misled regulators by presenting OPNX as part of C
Go to Source to See Full Article
Author: Ronaldo Marquez
Tip BTC Newswire with Cryptocurrency
Donate Bitcoin to BTC Newswire
Donate Bitcoin Cash to BTC Newswire
Donate Ethereum to BTC Newswire
Donate Litecoin to BTC Newswire
Donate Monero to BTC Newswire
Donate ZCash to BTC Newswire
