Huobi sued… Huobi? 3AC rises from the ashes, Korea crypto transitions: Asia Express

Huobi co-founder sues his own company for copyright infringement

according to local news reports On June 21, Leon Lin Li, the former co-founder of cryptocurrency exchange Huobi Global, has filed a copyright infringement lawsuit against the company in Hong Kong. Li claims that despite selling his majority stake last November to an entity controlled by Chinese blockchain personality Justin Sun, his company, X-Spo, still holds the trademark rights associated with the term “Huobi Global” and the actual “Huobi Global”. Is. Exchange is using the trademark without authorization.

Although it’s not immediately clear why Lee wants to sue the same company and brand he previously created, a series of heated spats between Lee and Justin Sun over the past month may offer some indication.

On 16 May, Sun published a series of allegations against Lin Li’s brother Wei Li. In a Twitter post, Sun accused Wei Li of obtaining millions of Huobi (HT) tokens at zero cost through “unusual methods” and “constantly selling and cashing out these HT tokens.” To which Lin Li replied: “I hope Huobi can provide evidence. If it is confirmed that this zero-cost HT was obtained through illegal means, I will personally pay 10 times the HT (amount) to Huobi Company.

Hodlknot’s last trip?

according to a recent news filed in courtWhether beleaguered Singaporean crypto lending firm HodlKnot will be dissolved or restructured, its fate will be decided on 7 August. Last August, HodlNotch halted operations after disclosing that it had lost more than $300 million of its client assets following the $40 billion Terra eruption. Luna ecosystem in May 2022.

The company faces approximately $300 million in claims from creditors, most of whom want to see the company dissolved. As noted, both co-founders Juntao Zhu and Simon Li want to continue running HoddleKnot even though the company has reportedly lost 69% of users’ deposits. Last November, the Singaporean police launched an investigation into HodlKnot’s activities after the firm initially denied contact with the Terra Luna ecosystem.

South Korean crypto loan transition

On June 22, South Korean crypto lending firm Haru Invest announced It will lay off part or all of its existing workforce within days of suspending user deposits and withdrawals. The move comes after the company accused its consignment operator, B&S Holdings, of fraudulent operations.

“It is with a heavy heart that we have to inform you that we will curtail the operations of Haru Invest and its affiliated companies in order to prevent further potential losses.”

Last week, fellow South Korean crypto lending company Delio, which has more than $9 billion in self-reported assets under management, also announced it was suspending withdrawals, citing contact with Haru Invest. Will give The company has since clarified that it will resume withdrawals, although a schedule has not been disclosed. During an extraordinary investor meeting on June 17, CEO Jung Sang-ho revealed for the first time that Haru Invest is filing for bankruptcy.

Furthermore, Haru also claims that he has filed a criminal complaint as well as a civil lawsuit against B&S Holdings. But it seems that only Haru doesn’t know exactly what is happening. one in Letter CEO Hugo Lee wrote to investors on June 20:

“We have communicated the current status and progress through company statements thrice so far, but we understand that this is still not enough. We are also sad about this.

3AC co-founders unlikely to return

While some companies (and individuals) may have their reputations destroyed by bankruptcy, for others it may be a simple nothingburger. On 21 June, Kyle Davies, co-founder of bankrupt Singaporean hedge fund Three Arrows Capital (3AC), wrote In a tweet:

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

The same day, OPNX, a platform for business claims against bankrupt crypto entities founded by Davis and fellow 3AC co-founder Su Zhu, said 3AC Ventures had become the firm’s “new ecosystem partner”. Interestingly, Zhu and Davis’ use of leverage played a significant role in 3AC’s $3.4 billion drop last year, 3AC Venture’s website states:

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

On June 24, 3AC Ventures presented its first investment, an inaugural project called “Razor” that allows users to borrow funds based on their on-chain creditworthiness. “Borrowers raise money by issuing zero-coupon bonds. Lenders buy these bonds to earn fixed income. Traders can trade these bonds in the secondary market,” the developers wrote in an introductory thread.

Nearly a year later, 3AC is still going through bankruptcy proceedings, but it appears that getting the money back has become more difficult than ever. On June 15, 3AC creditors filed a motion to hold Kyle Davis in contempt of court; However, the resolution would only apply to Davis, not Su, as her Singaporean citizenship does not subject her to US jurisdiction. The current whereabouts of the two are unknown, and no criminal charges have yet been filed against the two blockchain personalities.

OpenX: The Aspiring Blockchain Underdog

On April 5, Su Zhu and Kyle Davis’ crypto derivatives claim exchange OPNX, which is based in Hong Kong, saw trading of just $13.64 on its first day of launch. By the end of June, that number had (apparently) grown to $34.1 million. Last month, OPNX’s native OX token rallied nearly 200% to $0.03 in price, bringing its fully diluted market capitalization to nearly $300 million. hey, the firm also has its own stablecoin Now.

Let’s face it, no one, perhaps not even Davis or Zhu himself, expected OPNX to be successful from the start. But successful Dalits often hold a deep grudge against those who “hit them the hardest” when their downfall hit them. Perhaps that is why on June 22, OPNX filed a defamation lawsuit against venture capitalist Mike Dudas, alleging that he published defamatory comments against the exchange from February to March 2023.

Around the same time, exchange Unveiled Its new “Justice Token,” (JT), citing “the current prevalence of defamation as one of the biggest challenges facing the industry.” Based on its tokenomics, there will exist one JT for each defamation case, an ERC20 The token will have a maximum supply of 1 billion. Three quarters will be distributed to OX stakeholders, 20% to JT-OX liquidity providers, and 5% will be airdropped to Milady non-fungible token holders. At the time of publication, it is unclear whether Davies plans to issue tokens to build ties against the review attackers of his Dubai restaurant during potential litigation proceedings.

“The resulting defamation and harassment greatly discourages entrepreneurs and innovators. The presence of these people is clearly a good advantage for the industry.

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Zhiyuan Sun

Zhiyuan Sun is a reporter at Cointelegraph who focuses on technology-related news. He has many years of experience writing for major financial media outlets such as The Motley Fool, Nasdaq.com and Seeking Alpha.