Asia Express – Cointelegraph Magazine
Asia Express – Cointelegraph Magazine

According to local news reports Report On June 21, Li Lin, former co-founder of cryptocurrency exchange Huobi Global, filed a copyright infringement lawsuit against the company in Hong Kong. Li claims that his company, X-Spo, still owns the trademark rights related to the term “Huobi Global” and that “Huobi Global” despite selling its majority stake last November to an entity controlled by Chinese blockchain celebrity Justin Sun is actually an unauthorized use of the trademark.

Li Ang, former co-founder of Huobi. (Twitter)

While it remains unclear why Li Ka-shing is suing the company and brand he previously founded, a series of heated exchanges between Li Ka-shing and Justin Sun last month may provide some clues.

On May 16, Sun published a series of allegations against Lin Li’s younger brother Li Wei. In the tweet, Sun accused Li Wei of receiving millions of Huobi tokens at zero cost through “abnormal means” and “continuously dumping these HT tokens to cash out.” In response, Lin Li responded: “I hope Huobi can provide evidence. If it is confirmed that HT was obtained at zero cost through illegal means, I will personally pay 10 times HT (amount) to Huobi.”



Hodlnaut’s last voyage?

According to a recent court filingThe fate of embattled Singapore-based cryptocurrency lending firm Hodlnaut to dissolve or restructure will be decided on Aug. 7. Last August, Hodlnaut ceased operations after disclosing that it had lost more than $300 million in client assets as a result of the $40 billion Terra crash. Luna Ecosystem, May 2022.

Holdnaut team members ahead of crypto winter. (Singapore Management University)

The company faces about $300 million in claims from creditors, most of whom want to see the company dissolved. Still, co-founders Juntao Zhu and Simon Lee hope to continue Hodlnaut, despite reports that the company has lost 69 percent of user deposits. In November, Singapore police began investigating Hodlnaut’s activities after the company initially denied having access to the Terra Luna ecosystem.

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Crypto Lending Spreads in South Korea

On June 22, South Korean cryptocurrency lending company Haru Invest Announce After suspending user deposits and withdrawals for several days, it will lay off some or all of its current staff. The company previously accused its consignment operator, B&S Holdings, of fraud.

“It is with a heavy heart that we inform you that we will minimize the operations of Haru Invest and its affiliates to prevent possible further losses.”

Last week, South Korean cryptocurrency lending firm Delio, which manages more than $9 billion in self-reported assets, also announced it would suspend withdrawals, citing Haru Invest’s exposure. The company has since clarified that withdrawals will resume, but did not disclose a timeframe. During a special investor meeting on June 17, CEO Chung Sang-ho revealed for the first time that Haru Invest was filing for bankruptcy.

Photos purportedly showed the Haru Invest corporate offices empty after the announcement.  (telegraph)
Photos purportedly showed the Haru Invest corporate offices empty after the announcement. (telegraph)

In addition, Haru also claimed to have filed criminal proceedings against B&S Holdings as well as civil proceedings. But Haru himself doesn’t seem to know what’s going on.in a letter On June 20, CEO Hugo Lee wrote in a letter to investors:

“So far, we have explained the current situation and progress through company statements three times, but we understand that this is not enough. We also deeply apologize for this.”

3AC co-founder unlikely to make comeback

While some companies’ (and individuals’) reputations may be damaged by bankruptcy, for others it may be a piece of cake. On June 21, Kyle Davies, co-founder of bankrupt Singaporean hedge fund Three Arrows Capital, wrote In the tweet:

“3AC is dead, long live 3AC Ventures.”

On the same day, OPNX, a debt-trading platform for bankrupt cryptocurrency entities founded by Davis and 3AC co-founder Su Zhu, said 3AC Ventures had become a “new ecosystem partner” for the company. Interestingly, considering that Zhu and Davis’ use of leverage played a key role in 3AC’s $3.4 billion loss last year, 3AC Venture’s website states:

“3AC Ventures is focused on superior risk-adjusted returns without leverage.”

On June 24, 3AC Ventures launched its first investment, a debut project called “Raiser,” which allows users to borrow funds based on their on-chain creditworthiness. “Borrowers raise funds by issuing zero-coupon bonds. Lenders buy these bonds for fixed income. Traders can trade these bonds in the secondary market,” the developer wrote in an introductory post.

Almost a year later, 3AC is still in bankruptcy proceedings, but recovering funds appears to be more difficult than ever. On June 15, 3AC creditors filed a motion to find Kyle Davis in contempt of court; however, the motion only applied to Davis and not to Su, whose Singapore citizenship was not subject to US jurisdiction. The whereabouts of the two are currently unknown, and no criminal charges have been filed against the two blockchain personalities.

3AC

OPNX: Aspiring Blockchain Losers

On April 5, Su Zhu and Kyle Davies’ crypto derivatives debt exchange OPNX, headquartered in Hong Kong, had a trading volume of only $13.64 on its first day of listing.By the end of June, that figure had risen to $34.1 million (though it’s fair to say not everyone convinced about numbers). Following this apparent appeal, the price of OPNX’s native OX token has risen nearly 200% to $0.03 over the past month, pushing its fully diluted market cap to nearly $300 million.Heck, the company even has its own stable currency Now.

Let’s face it, no one, not even Davis or Zhu himself, expected OPNX to be a success from the get-go. But successful losers often harbor deep resentment toward those who “knock down hard” when their luck goes down. That may be why OPNX filed a defamation lawsuit on June 22 against venture capitalist Mike Dudas, accusing him of making defamatory comments against the exchange in February and March.

opnix

At about the same time, the exchange unveiled Its new “Justice Token” states that “one of the biggest challenges facing the industry is the current prevalence of defamation.” According to its tokenomics, there will be one JT for each defamation case; it will be an ERC-20 token , with a maximum supply of 1 billion. Three quarters will be allocated to OX stakers, 20% will be allocated to JT-OX liquidity providers, and 5% will be airdropped to Milady non-fungible token holders. At press time, it was unclear whether Davis planned to issue tokens in a possible lawsuit to build rapport with review bombers of his Dubai restaurant.

“The resulting defamation and harassment greatly hinders entrepreneurs and innovators. The existence of these people is clearly a net benefit to the industry.”

Zhiyuan Sun

Zhiyuan Sun is a reporter for Cointelegraph, focusing on technology-related news. He has years of experience writing for major financial publications including The Motley Fool, Nasdaq.com, and Seeking Alpha.

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