Huobi co-founder sues his own company for copyright infringement
according to local news reports On June 21, Leon Lin Li, former co-founder of cryptocurrency exchange Huobi Global, filed a copyright infringement lawsuit against the company in Hong Kong. Li claims that despite selling his majority stake to an entity controlled by Chinese blockchain personality Justin Sun last November, his company, X-Spo, still owns the trademark rights associated with the term "Huobi Global ", and that "Huobi Global", the current exchange, has been using the brand without authorization.
Although it's not immediately clear why Li is seeking litigation against the very company and brand he previously built, a series of heated exchanges between Li and Justin Sun last month may offer some clues.
On May 16, Sun published a series of complaints against Wei Li, Lin Li's brother. In the Twitter post, Sun accused Wei Li of “receiving millions of Huobi (HT) tokens through “abnormal means” at zero cost and “consistently selling these HT tokens and cashing them out.” To which Lin Li replied, “I hope that Huobi can provide evidence. If it is confirmed that the zero cost HT was obtained by illegal means, I will personally pay 10 times the HT [amount] to the Huobi company”.
Hodlnaut's last voyage?
According to a recent court fileThe fate of whether troubled Singaporean crypto lending firm Hodlnaut is to dissolve or restructure will be sealed on August 7. Luna ecosystem in May 2022.
The firm faces approximately $300 million in claims from creditors, most of whom want the firm dissolved. That being said, both co-founders Juntao Zhu and Simon Lee want to continue Hodlnaut's operations, despite the fact that the company had reportedly lost 69% of user deposits. Last November, the Singapore police launched an investigation into Hodlnaut's activities, as the company initially denied having been exposed to the Terra Luna ecosystem.
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Contagion of crypto loans in South Korea
On June 22, South Korean crypto lending firm Haru Invest Announced that it would terminate some or all of its current staff just days after suspending user deposits and withdrawals. The move comes after the company accused its consignment operator, B&S Holdings, of fraudulent operations.
"I am sorry to inform you that we will be minimizing the operations of Haru Invest and its affiliated companies to prevent further damage that is likely to be incurred."
Last week, South Korean crypto lending firm Delio, with more than $9 billion in self-reported assets under management, also announced it would suspend withdrawals, citing exposure to Haru Invest. The firm has since clarified that it will resume withdrawals, though without disclosing a timetable. During an extraordinary investor meeting on June 17, CEO Jung Sang-ho revealed for the first time that Haru Invest is filing for bankruptcy.
In addition, Haru also claims that he has filed a criminal complaint against B&S Holdings, as well as civil litigation. But it seems that Haru himself doesn't know exactly what's going on. in a letter To investors on June 20, CEO Hugo Lee wrote:
“We have been explaining about the current situation and progress through the company statement three times so far, but we understand that it is still far from enough. We're sorry about this too."
3AC Co-Founders Make An Unexpected Comeback
While the reputation of some businesses (and individuals) may be devastated by bankruptcy, for others it can be a simple disaster. On June 21, Kyle Davies, co-founder of bankrupt Singaporean hedge fund Three Arrows Capital (3AC), wrote in a tweet:
"3AC is dead, long live 3AC Ventures."
On the same day, OPNX, a platform for trading claims against bankrupt crypto entities founded by Davies and 3AC co-founder Su Zhu, said that 3AC Ventures had become the company's "new ecosystem partner." Interestingly, given that Zhu and Davies' use of leverage played a pivotal role in 3AC's $3.4 billion plunge last year, the 3AC Venture website states:
"3AC Ventures focuses on superior risk-adjusted returns without leverage."
On June 24, 3AC Ventures introduced its first investment, an inaugural project dubbed "Raiser," which allows users to borrow funds based on their creditworthiness on-chain. “Borrowers raise funds by issuing zero coupon bonds. Lenders buy these bonds to earn a fixed income. Traders can trade these bonds on the secondary market,” the developers wrote in an introductory thread.
Nearly a year later, 3AC is still in bankruptcy proceedings, but it seems that getting the money back has become more difficult than ever. On June 15, 3AC's creditors filed a motion to retain Kyle Davies in contempt of court; however, the motion would only apply to Davies, and not Su, as the latter's Singaporean citizenship does not subject him to US jurisdiction. The current whereabouts of the two are unknown, and have yet to be confirmed. have filed criminal complaints against the two blockchain personalities.
OPNX: Blockchain wannabe loser
On April 5, Su Zhu and Kyle Davies' crypto derivatives claims exchange OPNX, based in Hong Kong, posted a meager trading volume of $13.64 on its first day of debut. By the end of June, that number had (apparently) risen to $34.1 million. Following the pull there was a nearly 200% rise in the price of OPNX's native OX tokens to $0.03 in the past month, bringing its fully diluted market cap to nearly $300 million. Heck, the company even has its own stablecoins now.
Let's face it, no one, perhaps not even Davies or Zhu themselves, I expected OPNX to succeed From the beginning. But successful underdogs often hold a deep grudge against those who "hit" the hardest while down on their luck. Which is why, on June 22, OPNX filed a defamation lawsuit against venture capitalist Mike Dudas, alleging the posting of defamatory comments against the exchange from February to March 2023.
Around the same time, the exchange sleepless its new "Justice Tokens" (JT), citing "one of the biggest challenges facing the industry is the current prevalence of libel." According to its tokenomics, there will be a JT for each defamation case, it will be an ERC20 token with a maximum offer of 1 billion. Three-quarters will be distributed to OX participants, 20% will be given to JT-OX liquidity providers, and 5% will be airdropped to Milady non-fungible token holders. At press time, it is unclear if Davies plans to issue tokens to establish a relationship with review your Dubai restaurant bombers during potential legal proceedings.
“The resulting defamation and harassment greatly deters entrepreneurs and innovators. The presence of these people is a clear net good for the industry.”
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