In an unusual turn of events, Leon Lin Li, former co-founder of the cryptocurrency exchange Huobi Global, has filed a lawsuit against his own company for copyright infringement, claiming that his other company, X-Spo, still possesses trademark rights to the term “Huobi Global.” The reasons behind the litigation remain unclear; however, a series of heated exchanges between Li and Chinese blockchain personality Justin Sun last month may offer some hints.
The once successful Singaporean crypto lending firm Hodlnaut now faces uncertainty as it will be decided on August 7 whether it will be dissolved or restructured. Plagued by the loss of over $300 million of its clients’ assets last year, the Hodlnaut founders wish to continue its operations, despite the reported loss of 69% of users’ deposits.
As the South Korean crypto lending market sees an increase in terminated or suspended operations, Haru Invest announced the termination of a portion of its staff after suspending users’ deposits and withdrawals. This follows the company’s accusations of fraudulent operations by its consignment operator, B&S Holdings. Meanwhile, South Korean crypto lending firm Delio also announced the suspension of withdrawals, citing exposure to Haru Invest.
Despite suffering reputational damage following their hedge fund’s $3.4 billion downfall, 3AC co-founders Kyle Davies and Su Zhu stage an unusual comeback with 3AC Ventures. Their Hong Kong-based crypto derivatives claims exchange OPNX saw its first-day volume on June 21 rise from $13.64 million to $34.1 million by late-June, pushing its fully diluted market cap to nearly $300 million.
While Hodlnaut’s future remains uncertain, it appears that some companies managed to build resilience after hitting rock bottom. 3AC Ventures’ founders seek to rebuild their reputation through trading claims against bankrupt crypto entities and joining OPNX as its “new ecosystem partner.” However, only time will tell whether this remarkable comeback leads to sustainable success in the constantly shifting world of cryptocurrency.
South Korea’s crypto market faces further turmoil as Haru Invest claims bankruptcy, and its corporate offices are left empty. This adds to the list of unexpected closures and suspensions in the rapidly evolving sector. All eyes are now on what the future holds for these troubled crypto lending companies, their founders, and the investors who placed their trust in them.
In the meantime, OPNX has filed a defamation lawsuit against venture capitalist Mike Dudas, alleging defamatory comments against the exchange. Furthermore, the company unveiled its new “Justice Tokens” (JT) to address the ongoing issues surrounding defamation in the industry.
Source: Cointelegraph
