A defamation lawsuit filed against Mike Dudas, a crypto venture investor, by OPNX, the cryptocurrency trading platform connected to the founders of Three Arrows Capital, has been dismissed.
As a trading hub for investors’ claims against bankrupt companies, the multifaceted cryptocurrency exchange moved to “voluntarily discontinue” its lawsuit on October 27, according to the document.
Dudas called OPNX’s backers “unrepentant scammers” who defrauded their former business partners in a tweet that OPNX filed for defamation early in June. OPNX is linked to three cryptocurrency entrepreneurs who have experience running successful but failed businesses: Mark Lamb of CoinFLEX and Su Zhu and Kyle Davies of Three Arrows Capital, a former hedge fund.
That highly leveraged hedge fund crashed last year, bringing down the crypto credit market and ultimately pushing a number of companies, including FTX, into bankruptcy. Due to his disobedience of a court order pertaining to 3AC’s ongoing liquidation, Zhu is presently incarcerated in Singapore.