OPNX Lawsuit Against The Block Co-founder Has Been Resolved

Key Points:

• The co-founder of The Block announces the resolution of the OPNX lawsuit, which accused him of defamation.

• The terms of the settlement, reached after claims of defamatory comments in February–March 2023, remain undisclosed.

• OPNX executives also face a $58,000 fine for violating marketing regulations in Dubai, as imposed by the Virtual Asset Regulatory Authority. 

In a recent announcement, Mike Dudas, co-founder of The Block and current head of 6th Man Ventures, revealed the resolution of the OPNX lawsuit filed against him.

The Block co-founder Mike Dudas Resolves OPNX Lawsuit Through Settlement

The controversy arose when OPNX claimed that Dudas had published defamatory remarks around the time Kyle Davies and Su Zhu unveiled their exchange venture. The summons notice, filed in early June, did not specify the nature of the alleged defamatory comments.

Interestingly, the bankruptcy claims exchange by Kyle Davies and Su Zhu issued Justice Tokens, providing exposure to the OPNX lawsuit.

In a related development, OPNX executives faced repercussions from Dubai’s Virtual Asset Regulatory Authority (VARA). In August, the regulatory body imposed a $58,000 fine on OPNX for violating marketing regulations in the emirate. The notice from VARA highlighted a fine of 10 million United Arab Emirates dirhams (approximately $2.7 million) for violations, noting that the fine remains unpaid.

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