Nicholas Owen Gunden, who has been a board member of LedgerX since 2017, was queasy about how the bitcoin derivatives provider was operating since the founders of the company were placed on administrative leave on Dec, 9, was expressed through a letter written by the man. The letter was sent to LedgerX LLC Board, LedgerX shareholders, LedgerX Holdings board and the office of the Inspector General at CFTC.
He was concerned because the founders had obstacles to continuing their roles at the company. Gunden was on the company’s disciplinary panel as of last year. He expressed his concern over the chaotic state of the company that no founder acted according to their point of contract and some shareholders appeared to be receiving preferential treatment.
Some days later, Paul Chou and Juthica Chou, founders, were placed on administrative leave. At that time a petition in support of retaining the leadership of both circulated at the office and was signed in by 75% of employees. Gunden thought the petition to be legitimate. His allegation went that two of the employees who filed the petition were fired, apparently in retaliation. LedgerX may no longer be compliant with regulatory requirements.
Suspension of Juthica Chou from her former post is harming LedgerX according to the letter. Suspension of Juthica and her husband Paul is entitled as ‘’an extreme and one-sided case’’ done in a meeting held by the board. Paul was actually worthy of getting the suspension for his recent external communication but still being the best suited candidate, Juthica is being removed with him as well. Letters from shareholders on the issue had been neglected and minority of investors in the company has expressed interest in backing the company further.
Who to takeover?
Gunden thinks that Miami International Company might be trying to take over the company but fact is that MIAX was the only shareholder invited to attend and participate in certain private board meetings. His another allegation is that a Holdings board member may be accepting ‘’payouts for helping MIAX to complete an insider funding round, adding Jennifer Liu, LedgerX CFO, has been kept in dark about the Holdings board’s actions. But Holdings board presented a pessimistic financial statement to the board of directors. The company is currently in uncertainty and confusion and even there is a possibility for the company to shut down Gunden told.