A group of creditors from cryptocurrency futures exchange CoinFLEX have accused the founders of OPNX, a new crypto exchange, of using CoinFLEX assets without their consent. The creditors claim that former CoinFLEX CEO Mark Lamb diverted clients and business opportunities to OPNX, misappropriated assets, and divulged confidential trade secrets. They argue that Lamb’s actions were in violation of his responsibilities to CoinFLEX creditors. The allegations have been filed in the High Court of Hong Kong, as CoinFLEX’s terms of service required users to settle disputes through arbitration in Hong Kong.

The writ of summons also lists other defendants, including crypto investor Roger Ver and companies associated with OPNX. The document alleges that Lamb set up OPNX while still employed as the CEO of CoinFLEX, engaging in actions that harmed the creditors. The case highlights the ongoing legal dispute between CoinFLEX and its creditors, as well as the potential misuse of CoinFLEX assets in the establishment of OPNX.

Critics, including BitMEX co-founder Arthur Hayes and Tech Crunch founder Michael Arrington, have argued against giving OPNX founders more money, considering the significant losses suffered by investors in customer assets. However, OPNX has defended itself, stating that it allows creditors to sell their claims on the exchange for quick cash, benefiting them. OPNX CEO Leslie Lamb, who is also the wife of Mark Lamb, announced the rebranding of CoinFLEX to OPNX in a LinkedIn post, but the writ of summons claims that OPNX is a separate exchange not authorized by CoinFLEX creditors.

The outcome of this legal case will have implications for both CoinFLEX and OPNX, as well as the individuals involved. It remains to be seen how the court will rule on the allegations made by the creditors and the future of these crypto exchanges.