Tony Vejseli, Figure Markets and GXD Labs Provide Clarification Following October 28 Meeting with Ionic Digital’s Board

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As a seasoned crypto investor with over two decades of experience in traditional finance and fintech, I find myself deeply concerned about the recent developments at Ionic Digital, Inc. Having navigated through numerous market cycles and witnessed the rise and fall of countless projects, I’ve learned to trust my instincts and rely on hard data when making investment decisions.

San Francisco, USA, October 31st, 2024, Chainwire

On October 28, Tony Vejseli, Figure Markets Holdings Inc., and GXD Labs, LLC (referred to as “the Group” hereafter) held a meeting with Ionic Digital, Inc.’s board of directors and management team at White & Case’s Midtown Manhattan offices. The Group expressed gratitude towards White & Case for facilitating the discussion but raised concerns over Ionic’s portrayal of the meeting in a subsequent press release. According to the Group, certain crucial details were misrepresented in this release.

In reaction to Ionic’s assertion about their “strong momentum” and “sharp focus” on executing their strategic plans, a concerned Group brought up issues with the Board seeming unaware of crucial operational metrics. They pointed out that the Board seemed unable to discuss any financial or operational aspects, even failing to answer questions posed by Mr. Vejseli as detailed in his post on X. This has sparked doubts about Ionic’s market standing and evaluation. Additionally, the Group expressed doubts about Ionic meeting their self-imposed deadline for audit completion, initially slated for early 2024 but now expected by Q1 2025, given the absence of necessary financial data such as EBITDA and expenses.

The Team pointed out that potential liquidity avenues for shareholders were brought up, but they believed these paths hadn’t been thoroughly investigated or assessed by the Board. Additionally, they expressed apprehension about Ionic’s agreement with Hut 8, as while a suggested resolution was proposed, no other possible courses of action were discussed by either the Board or management.

At the gathering, the Group presented a suggested restructuring of the Board, highlighting the resignation of three existing members – Scott Duffy, Tom DiFiore, and Emmanuel Aidoo. Their places are intended to be filled by three new, autonomous directors who possess the necessary expertise and skill sets. This plan, backed up by an extensive explanation, underscores the importance of strategic and seasoned leadership in ensuring the company’s operations align more closely with shareholder expectations.

It’s recommended that shareholders take a look at the proposal and think about attending a special gathering where they can cast their votes for potential board modifications.

About Figure Markets

Figure Markets is making finance more accessible through blockchain technology. We’re developing a comprehensive exchange platform that includes a decentralized custody marketplace for cryptocurrencies, stocks, bonds, credit, and other financial instruments. By offering superior leverage, margin, and liquidity on our exchange, we provide our users with extensive borrowing options and exclusive investment opportunities. Figure Markets empowers its members to manage their assets and data independently, bypassing traditional brokerages, exchanges, and lenders.

Figure Markets boasts support from prominent venture capital investors and strategic allies such as Jump Crypto, Pantera, Distributed Global, Faction Lightspeed, NewForm Capital, and CMT Digital. This company was established by a team of experienced entrepreneurs and professionals hailing from Traditional Finance (TradFi), fintech, and Decentralized Finance (DeFi), with Mike Cagney and June Ou being among them.

Users can learn more at www.figuremarkets.com.

Contact

Director, Marketing
Paula Machado Jackler
Figure Markets
press@figuremarkets.com

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2024-10-31 15:48