OPNX, an insolvency claims trading platform originating from the creators of the defunct Three Arrows Capital, has initiated a defamation lawsuit against venture capitalist Mike Dudas. This development has been corroborated by Three Arrows’ co-founder, Kyle Davies, and official New York State court records.
This defamation lawsuit, filed in early June, points to defamatory comments Dudas allegedly made about OPNX between February and March 2023, aligning with the unveiling of the exchange venture by Davies and his partner Su Zhu. The precise content of Dudas’ comments remains under wraps.
Dudas, a celebrated figure in the crypto realm who helms 6th Man Ventures and once led The Block, a crypto media outlet, is prepared for the legal battle. Crypto attorney Stephen Palley, representing Dudas with Brown Rudnick, stated, “In order to prove defamation you have to show, among other things, reputational damage. We look forward to seeing how the plaintiff plans to prove that in this case.”
Meanwhile, OPNX is making noise in the crypto space with its new Justice Tokens (JT), designed to potentially offer some relief to those in the crypto community “harmed by defamation”. Earlier this month, the first such token, $DUDAS, was introduced.
OPNX’s white paper describes JTs as “meme tokens with no intrinsic value, no backing and no expectation of return”. The company can choose to gift lawsuit settlement proceeds to some JT holders: OX token stakers and Miladies NFT owners, who are touted as having suffered “long term defamation” and deserve a JT reward for their “persistent promotion of moral virtue”. Davies told that JTs will initially focus on OPNX-specific defamation before expanding to other cases.
As per Etherscan data, there are presently 43 wallets holding DUDAS tokens, though a lack of liquidity prevents trading on Uniswap.
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