Composable Finance’s CEO has disproved claims of legal implications done by Karel Kubat, former CTO of the decentralised finance (DeFi) infrastructure platform, as stated by Cointelegraph.
According to Cointelegraph, in a February 20, 2023, tweet, Kubat stated that he quit over the firm’s decision to not reveal financial statements about the company’s health. Kubat claimed that Omar Zaki, CEO, was related to illegal Series A fundings for the company, with regard to United States Securities and Exchange Commission (SEC). Reportedly, Kubat also mentioned about his suspicions over Zaki’s role in the alleged rug-pull project, Bribe, was “much greater than he publicly stated.”
On the basis of information by Cointelegraph, on February 20, 2023, Zaki denied all the allegations against him through Twitter, along with emphasising that the company’s actions happened in compliance with the law. “Those allegations are incorrect, the Series A was designed as an offshore sale of utility tokens and we had outside council advising on the offering […] I had made very clear that all offerings of Composable were conducted with sufficient legal counsel,” Zaki stated.
Moreover, Cointelegraph noted that Composable Finance specialises in cross-chain bridging and messaging. In February, 2022, the platform clocked more than $100 million through a Polkadot-oriented parachain auction.
(With insights from Cointelegraph)