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News

OPNX Lawsuit Against The Block Co-founder Has Been Resolved

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Key Points:
  • The co-founder of The Block announces the resolution of the OPNX lawsuit, which accused him of defamation.
  • The terms of the settlement, reached after claims of defamatory comments in February–March 2023, remain undisclosed.
  • OPNX executives also face a $58,000 fine for violating marketing regulations in Dubai, as imposed by the Virtual Asset Regulatory Authority. 
In a recent announcement, Mike Dudas, co-founder of The Block and current head of 6th Man Ventures, revealed the resolution of the OPNX lawsuit filed against him.
OPNX Lawsuit Against The Block Co-founder Has Been Resolved

The Block co-founder Mike Dudas Resolves OPNX Lawsuit Through Settlement

The OPNX lawsuit, initiated by the exchange in June of this year, accused Dudas of making defamatory comments about the company between February and March 2023, CoinDesk reported the news.
The controversy arose when OPNX claimed that Dudas had published defamatory remarks around the time Kyle Davies and Su Zhu unveiled their exchange venture. The summons notice, filed in early June, did not specify the nature of the alleged defamatory comments.
Dudas, a prominent figure in the cryptocurrency industry, expressed his best wishes for Kyle Davies, Su Zhu, and Mark Lamb, the individuals associated with OPNX, as part of the settlement agreement. The terms of the resolution were not disclosed.
Interestingly, the bankruptcy claims exchange by Kyle Davies and Su Zhu issued Justice Tokens, providing exposure to the OPNX lawsuit.
In a related development, OPNX executives faced repercussions from Dubai’s Virtual Asset Regulatory Authority (VARA). In August, the regulatory body imposed a $58,000 fine on OPNX for violating marketing regulations in the emirate. The notice from VARA highlighted a fine of 10 million United Arab Emirates dirhams (approximately $2.7 million) for violations, noting that the fine remains unpaid.

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Kyle Davies

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Harold

29 November 2023, 14:10:49 GMT +0000

With a passion for untangling the complexities of the financial world, I've spent over four years in financial journalism, covering everything from traditional equities to the cutting edge of venture capital. "The financial markets are a fascinating puzzle," I often say, "and I love helping people make sense of them." That's what drives me to bring clear and insightful financial journalism to the readers of Coincu.

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