OPNX, the bankruptcy claims exchange founded by Kyle Davies and Su Zhu of Three Arrows Capital, has filed a defamation lawsuit against venture capitalist Mike Dudas. According to the summons notice filed in early June, OPNX alleged Dudas published defamatory comments about the company between February and March 2023. “We look forward to seeing how the plaintiff plans to prove that in this case,” said crypto attorney Stephen Palley.
In response to the lawsuit, OPNX has launched a new “meme token” called Justice tokens (JT). According to the white paper, JTs are worthless “meme tokens with no intrinsic value, no backing and no expectation of return.” OPNX can “at its sole discretion” decide to gift the proceeds of defamation settlements to some owners of JT tokens, OX token stakers, and Miladies NFT owners. “Initial JTs will focus on OPNX-specific defamation, then expand to non-OPNX cases,” said Davies.
Currently, there are 43 wallets holding the DUDAS tokens, according to Etherscan data, although there is insufficient liquidity to trade them on Uniswap. OPNX posited in the white paper that defamation cases in the crypto industry negatively impact entire communities of token holders, and Justice tokens can be a “mechanism” to get that value to anyone impacted.