Mark Lamb, a fellow CoinFLEX stakeholder and founder of OPNX, has extended an offer to CoinFLEX creditors that includes 25% equity in OPNX and the distribution of 1 billion OX tokens over a 10-year period.
The proposal comes after the bankruptcy of CoinFLEX in 2022, which left many stakeholders facing substantial financial losses.
In a recent post on X (formerly Twitter), Lamb said the “tender offer” presented to CoinFLEX creditors provides them with an opportunity to exchange their existing stake in the bankrupt company for shares in OPNX and OX tokens.
CoinFLEX Creditor Tender Offer: OPNX Shares and OX Tokens
Link to Migration: https://t.co/AJLGSNeSlj
Dear CoinFLEX Stakeholders,
My name is Mark Lamb, and I am writing to you today as a fellow CoinFLEX stakeholder and as a founder deeply committed to the success of OPNX.
— 🐂 OPNX (Open Exchange) (@OPNX_Official) October 31, 2023
Creditors accepting the offer will collectively receive 25% equity in OPNX, distributed proportionally to their claim size.
Additionally, creditors who accept the offer will receive 1 billion OX tokens, vesting over a 10-year period.
The distribution of these tokens will be divided among two groups of creditors based on their acceptance time.
The first 50% of creditors to sign up will receive two-thirds of the OX allocation, while the second 50% will receive one-third. This incentivizes early acceptance and allows the OPNX team to focus on building the exchange.
Notably, creditors with claims under $250,000 USD accepting the offer within the allotted time window will receive a 2X OX bonus.
The offer will be valid for 14 days for creditors with claims above $250,000 USD and 30 days for those with claims under $250,000 USD.
“This final offer is a culmination of our efforts to move OPNX forward and resolve these ongoing negotiations,” Lamb wrote.
“We are proud of the work we’ve done with creditors to put this deal together and we believe it to be the fairest and most equitable resolution for everyone involved.”
CoinFLEX Creditors Sue CEO Lamb
Lamb’s “final offer” comes shortly after CoinFLEX creditors sued the CEO and early investor Roger Ver, aka Bitcoin Jesus, alleging a breach of fiduciary duty over the new exchange OPNX launch and unauthorized use of company assets.
Last week, creditors of the now-defunct cryptocurrency exchange accused Lamb of breaching his fiduciary duty by creating a new company, OPNX, in collaboration with the founders of the failed crypto hedge fund Three Arrows Capital.
In a Hong Kong civil court filing dated October 12, the creditors characterized OPNX as a “competing business” in relation to CoinFLEX and said that Lamb should be barred from acting or speaking on CoinFLEX’s behalf.
OPNX, Lamb, and Roger Ver have all been named as co-defendants in the case.
Earlier this year, Leslie Lamb, who currently serves as the CEO of OPNX and the wife of Mark Lamb, made a LinkedIn post announcing that ‘CoinFLEX will be officially rebranding to Open Exchange.’
However, the rebranding did not receive approval from CoinFLEX’s board or creditors.
Creditors claim that Lamb acted independently and improperly by appropriating CoinFLEX’s intellectual property, technology, customer base, and employees to establish OPNX.