Open Exchange (OPNX), a derivatives and bankruptcy claim trading platform established by Three Arrows Capital founders Su Zhu and Kyle Davies, has announced the creation of FatManTerra Justice Tokens. These tokens are designed to compensate those who have been negatively affected by defamation in the cryptocurrency space. The first batch of these tokens is intended to compensate those who suffered due to alleged defamation from FatManTerra, a crypto influencer who became a significant whistleblower for Terraform Labs following its collapse in May last year.
Tokenomics and distribution of Justice Tokens
The Justice Tokens, which are ERC-20 tokens, will be distributed to holders of RLB, LUNA, LUNC, and OX. The tokens are described as independent meme tokens with no intrinsic value or backing, and they are not expected to provide any returns. The primary function of these tokens is to compensate victims of defamation. Each specific defamation case will have its own variant of the Justice Token, and each token will have a maximum supply of 1 billion. According to the tokenomics shared by Open Exchange, 75% of the supply will be distributed to users who stake their native token OX over a period of six months, 20% will go to liquidity providers, and the remaining 5% will be gifted directly to the Milady community.
Impact on the crypto community and market response
The announcement of the Justice Tokens had a noticeable impact on the market. Following the announcement, OX, the native token of Open Exchange, gained as much as 22%, reaching an all-time high of $0.049. The FatManTerra Justice Token will be distributed equally between holders of LUNA, LUNC, OX, and RLB, communities that OPNX states were harmed by a long-term malicious misinformation campaign mounted by FatManTerra.
No information has been given on how the distribution will be. In a statement on Twitter, FatMan Terra accused OPNX of committing fraud under his name.
Source: https://www.cryptopolitan.com/opnx-launches-justice-tokens-for-terra-whistleblower-victims/