1 year ago
Crypto bankruptcy claims speech OPNX and its founders has been fined astir $2.8 cardinal by Dubai's Virtual Assets Regulatory Authority (VARA), a Wednesday notice shows.
Set up by the founders of failed hedge money Three Arrows Capital (3AC), Kyle Davies and Su Zhu, OPNX was already reprimanded by VARA backmost successful May. Created successful the aftermath of 3AC's fall, Davies and Zhu came nether fire for starting the project, which allows investors to commercialized bankruptcy claims for companies specified arsenic FTX and CoinFLEX.
The speech executed nether $2 worthy of trades successful its archetypal 24 hours of opening portion trading firms claimed to beryllium large investors successful the task by OPNX denied involvement.
OPNX was fined 10,000,000 United Arab Emirates dirhams ($2.7 million) for a Market Offense nether regulations issued earlier this twelvemonth by VARA. The fine, issued connected May 2, "remains unpaid astatine the clip of work of this notice," the regulator said.
Separate fines of astir $54,000 targeting founders Davies, Zhu, Mark Lamb and OPNX CEO Leslie Lamb for failing to conscionable selling and advertizing standards acceptable by the regulator were paid successful afloat by the parties, according to the notice.
VARA said it volition instrumentality further action, including further penalties, to code the unpaid fines.
Edited by Parikshit Mishra.
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