Crypto exchange OPNX, launched by Su Zhu, founder of ailing Bitcoin and altcoin fund Three Arrows Capital, has made an announcement. Terra (LUNA) and Terra Classic (LUNC) announced their plan to distribute “Justice Tokens” to altcoin holders. But the announcement was met with controversy and criticism due to the background of its founders, who reportedly failed to respond to a subpoena in the US. Here are the details…
Announcement for altcoin investors on OPNX
The OPNX platform says these Justice Tokens are exclusive to affected communities. He says the damaged projects aim to return the results of reconciliation. So Justice claims tokens are a unique mechanism. The tokens represent four communities allegedly damaged by the actions of a Twitter analyst named FatMan Terra. This community is as follows: LUNA, LUNC, Rollbit (RLB) and OX coin. Justice Token will be distributed equally to the holders of these four altcoins.
2/ Justice Tokens are a novel mechanism to return potential settlement outcomes to communities harmed by defamation, distributed as gifts by pro rata share of holdings.
Read more: https://t.co/iM0RhWG3XT
Here distribution will be modified to reflect communities harmed as above.
— OPNX 🐂 (@OPNX_Official) July 30, 2023
According to Terra supporters, FatMan Terra has spread false and malicious information. It is therefore accused of triggering the collapse of the Terra ecosystem. In addition, FatMan Terra faced backlash for making racist statements under various usernames on Twitter. Justice Tokens are specifically designed to have no intrinsic value, support or expectation of return. These are classified as meme altcoins. They are intended to serve as symbolic gestures rather than actual financial assets.
FatMan Terra calls OPNX’s move a ‘fraud’
The announcement of the Justice Tokens came shortly after several messages attributed to FatMan Terra created a stir on Twitter. The Terra community claims that these messages spread disinformation that contributes to the collapse of the ecosystem. FatMan Terra responded to OPNX’s announcement on Twitter. He accused the BTC and altcoin exchange of organizing a new scam under his name. The situation seems to have turned into a complex web of accusations and counter-accusations.
It is important to note that the distribution of these Justice Tokens is not entirely clear at this point. OPNX did not elaborate on how the distribution process will work. This lack of transparency has only added fuel to the fires of the controversy surrounding the exchange. Another notable aspect of Justice Tokens is their distribution to altcoin Rollbit (RLB) users. Because FatMan Terra had recently hinted that he shared confidential information about Rollbit. This caused concerns among the supporters of the platform. Following this announcement, the founder of Rollbit revealed messages allegedly shared by FatMan Terra under different usernames.
The Three Arrows incident: What happened?
cryptocoin.com As we reported, Davies and Zhu founded Three Arrows Capital, a Singapore-based hedge fund that was once valued at $10 billion and filed for bankruptcy in July. The altcoin fund, also known as 3AC, has been ordered to be liquidated by a British Virgin Islands court after falling in price and becoming unable to repay lenders following risky transactions.
