Crypto Exchange Linked to 3AC Founders Drops Lawsuit Against Mike Dudas

OPNX, the crypto trading platform tied to Three Arrows Capital’s founders, has dropped its defamation suit against crypto venture investor Mike Dudas, according to court documents reviewed by CoinDesk.

The multifaceted crypto exchange – it doubles as a trading hub for investors’ claims against bankrupt companies – moved to “voluntarily discontinue” its lawsuit on Oct. 27, the document said.

In early June, OPNX sued Dudas for defamation over tweets in which he called its backers “unrepentant scammers” who bilked their former business partners. OPNX is associated with three crypto entrepreneurs with a history of helming bankrupt companies: Mark Lamb of CoinFLEX; and Su Zhu and Kyle Davies of defunct hedge fund Three Arrows Capital.

That highly-leveraged hedge fund imploded last year, crippling the crypto credit industry and contributing to the eventual bankruptcy of multiple companies, including FTX. Zhu is currently jailed in Singapore for failing to comply with a court order related to 3AC’s ongoing liquidation.

The lawyers representing OPNX did not immediately return a request for comment. Dudas declined to comment.