OPNX offers 25% equity and 1 billion OX tokens to CoinFLEX creditors

Following CoinFLEX’s unfortunate bankruptcy in 2022, Mark Lamb, a fellow CoinFLEX stakeholder and the founder of OPNX, has extended a proposal to CoinFLEX creditors, aiming to provide them with a fair resolution to their financial losses. This proposal offers a substantial package, including 25% equity in OPNX and the distribution of 1 billion OX tokens over a ten-year period.

Mark Lamb recently shared this “tender offer” on X, which was formerly known as Twitter, representing a pivotal moment in the ongoing negotiations with CoinFLEX creditors. Lamb’s proposal allows these stakeholders to exchange their current holdings in the defunct CoinFLEX for tangible assets in the form of OPNX equity and OX tokens.

The key components of this offer are as follows: creditors who opt for this proposal will collectively possess a 25% stake in OPNX, and this equity will be distributed proportionally based on their individual claim sizes. Additionally, these creditors will be entitled to receive 1 billion OX tokens, which will vest over a ten-year span.

Notably, the distribution of these tokens will be divided into two groups of creditors based on the time of acceptance. The first 50% of creditors who promptly accept the offer will receive two-thirds of the OX allocation, while the subsequent 50% will receive one-third. This innovative structure serves to incentivize early acceptance, thus allowing the OPNX team to concentrate on advancing their exchange platform.

Furthermore, Lamb’s offer includes a bonus for smaller creditors. Creditors with claims under $250,000 USD who accept the offer within the specified time window will enjoy a 2X OX token bonus, adding an extra layer of appeal to the proposal.

The offer’s duration will vary, with a 14-day window for creditors with claims above $250,000 USD and an extended 30-day period for those with claims under $250,000 USD. This extended timeframe aims to accommodate a wider spectrum of stakeholders and facilitate their transition to the new arrangement.

Mark Lamb has described this offer as the culmination of extensive efforts to move OPNX forward and bring resolution to the ongoing negotiations. He expressed pride in the collaborative work with creditors to construct this proposal, believing it to be the most equitable and fair solution for all parties involved.

This development comes in the wake of CoinFLEX creditors suing the CEO and early investor Roger Ver, commonly known as Bitcoin Jesus, alleging a breach of fiduciary duty regarding the launch of the new exchange, OPNX, and unauthorized use of company assets.

In a related case, creditors accused Mark Lamb of breaching his fiduciary duty by collaborating with the founders of the failed crypto hedge fund Three Arrows Capital to establish OPNX, characterizing it as a competing business. This has led to legal action naming OPNX, Mark Lamb, and Roger Ver as co-defendants in the case.

The complex saga surrounding CoinFLEX, OPNX, and their respective stakeholders continues to unfold, highlighting the intricate legal and financial intricacies of the cryptocurrency industry.