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LedgerX Board Member Says Company in Disarray After Founders’ Ouster

A LedgerX director and investor has withdrawn his funds and alleged the corporate could also be failing its traders in a dramatic letter obtained by CoinDesk.

Nicholas Owen Gunden wrote in a letter addressed to the LedgerX Holdings board, LedgerX LLC board, LedgerX shareholders, and the Office of the Inspector General on the Commodity Futures Trading Commission (CFTC) that he was involved about how the bitcoin derivatives supplier was working because the firm’s founders have been positioned on administrative depart final month.

“I am concerned with recent developments at the company, particularly the fact and manner in which the founders, Paul Chou and Juthica Chou, and particularly Juthica, have been barred from continuing their roles at the company,” he wrote.

According to an exhibit filed by LedgerX in its designated contract market (DCM) utility, Gunden has been a board member since 2019 as a market participant, and was on the corporate’s disciplinary panel as of final yr.

In a three-page record of issues, he defined that because the founders have been ousted, nobody has acted as his level of contact and alleged that some shareholders seemed to be receiving preferential remedy.

“Just days after Paul and Juthica were placed on administrative leave, a petition was circulated at the office, which 75% of employees signed in support of retaining Paul and Juthica’s leadership. I have seen a copy of this petition and believe it to be legitimate,” he wrote.

However, two of the workers who filed the petition have been fired, “apparently in retaliation,” he alleged. 

He can also be involved that LedgerX could not be compliant with regulatory necessities and could also be failing in its fiduciary duties. 

LedgerX board member Mark Wetjen didn’t instantly return a request for remark.

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The chief in blockchain information, CoinDesk is a media outlet that strives for the very best journalistic requirements and abides by a strict set of editorial insurance policies. CoinDesk is an unbiased working subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.

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