CoinFLEX creditors sue CoinFLEX CEO, saying OPNX was not authorized by the board of directors or creditors

Creditors of crypto trading platform CoinFLEX are suing CoinFLEX CEO Mark Lamb, alleging that Mark Lamb breached his fiduciary duties to CoinFLEX when he launched OPNX, which was later renamed OPNX. In a document filed by CoinFLEX’s creditors with the Hong Kong Civil Court on October 12, OPNX was named as a competing business of CoinFLEX. OPNX was not authorized by CoinFLEX's board of directors or creditors, and Mark Lamb misappropriated the company's intellectual property, technology, customer base and employees to build the trading platform. On October 12, a copy of the prosecution subpoena was served on its Hong Kong office. The subpoena also accused Mark Lamb of acting without authorization when reaching a settlement agreement with Roger Ver. As of press time, the CoinFLEX website is still online, but a notice warns users to withdraw all funds from the platform before October 31, 2023, when the company will "officially cease operations and shut down." The website also promotes its new platform to users: “CoinFLEX will be migrating to OPNX in the coming months. We encourage you to migrate your account balance.” (CoinDesk)