{"id":25016,"date":"2023-11-14T18:15:55","date_gmt":"2023-11-14T18:15:55","guid":{"rendered":"https:\/\/nftandcrypto-news.com\/crypto\/opyn-defi-protocol-founders-are-leaving-crypto-after-cftc-crackdown\/"},"modified":"2023-11-14T18:15:57","modified_gmt":"2023-11-14T18:15:57","slug":"opyn-defi-protocol-founders-are-leaving-crypto-after-cftc-crackdown","status":"publish","type":"post","link":"https:\/\/nftandcrypto-news.com\/crypto\/opyn-defi-protocol-founders-are-leaving-crypto-after-cftc-crackdown\/","title":{"rendered":"Opyn DeFi protocol founders are leaving crypto after CFTC crackdown"},"content":{"rendered":"
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Zubin Koticha and Alexis Gauba, two founders of the Opyn decentralized finance (DeFi) protocol, are stepping<\/a> down from the project and \u201cleaving crypto,\u201d according to a statement from Koticha posted to social media on Nov. 14. The statement comes approximately two months after Opyn settled an enforcement action against it from the United States Commodity and Futures Trading Commission (CFTC).<\/p>\n

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Hey Crypto Twitter,<\/p>\n

It’s been a while<\/p>\n

This one’s a tough one…<\/p>\n

After the regulatory action against Opyn, @alexisgauba<\/a> and I have made the decision that we are leaving crypto.<\/p>\n

This is honestly really emotional for me and Alexis.<\/p>\n

\u2014 zubin koticha (@snarkyzk) November 14, 2023<\/a><\/p><\/blockquote>\n

In his statement, Koticha claimed that the decision was \u201creally emotional\u201d for them. \u201cWe thought we were going to be in crypto for the rest of our lives,\u201d Koticha explained. \u201cBut unfortunately and unexpectedly, this is the end of the road.\u201d According to him, Opyn will continue under the leadership of its head of research, Andrew Leone, who is being promoted to CEO. <\/p>\n

Koticha hinted that the two executives will be working on a new project, stating, \u201cAs for me and Alexis – we got something new for y\u2019all very soon.\u201d However, this new project will not be crypto-related, as the two \u201chave made the decision that we are leaving crypto.\u201d<\/p>\n

Gauba shared<\/a> Koticha\u2019s post from her own account, commenting, \u201cAlways thought I\u2019d be building in crypto for the rest of my life, so it\u2019s really sad to be leaving.\u201d<\/p>\n

Related: <\/strong>Opyn removes liquidity from Uniswap after $370K stolen in DeFi exploit<\/strong><\/em><\/p>\n

Opyn is an options trading platform that runs on the Ethereum network. Its development team is headquartered in San Francisco, California. On Sept. 7, the CFTC announced that it was simultaneously issuing and settling an enforcement action against Opyn and two other DeFi teams for allegedly operating an unregistered derivatives exchange. Opyn was ordered to pay a civil monetary penalty of $250,000 and \u201ccease and desist\u201d from violating U.S. commodities trading laws. Attempting to open the Opyn interface from a U.S. IP address now produces a \u201cblocked\u201d error page, and this redirection persists even when using many offshore VPN addresses.<\/p>\n

Opyn \u201cblocked\u201d page. Source: Opyn.<\/em><\/figcaption><\/figure>\n

The CFTC action against Opyn was controversial even within the commission itself, as Commissioner Summer Mersinger wrote a dissenting opinion claiming that the enforcement action should not have been taken.<\/p>\n<\/div>\n