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Composable Finance’s CTO resigns over alleged illicit operations by its CEO

News
Composable Finance’s CTO resigns over alleged illicit operations by its CEO

Karel Kubat the chief technical officer (CTO) of Composable Finance, has resigned from the project, citing several illegal practices by the company’s CEO Omar Zaki.

Karel Kubat has resigned from the cross-chain interoperability-focused DeFi project, leveling several allegations of illicit practices against the project’s CEO Omar Zaki.

In a Feb. 20 tweet, Kubat alleged that Zaki, who was slapped with a cease-and-desist order by the US SEC earlier in 2019 for operating as an unregistered investment adviser and hedge fund, is executing suspicious transactions and possibly misusing company funds.

Kubat also alleged that the company is not making use of its multi-signature wallet, adding that he suspects Omar Zaki has flouted an SEC’s cease-and-desist order and is the brains behind the project’s Series A funding, through which the project has raised millions of dollars. Composable Finance also reportedly conducted crowdloan auctions on polkadot (DOT) and kusama (KSM).

Furthermore, Kubat has hinted that Zaki may be the creator of Bribe, a rug-pull scam that succeeded in ripping off several investors.

Omar Zaki denies all allegations

In an ask me anything (AMA) session on Twitter, Zaki denied all allegations of fraudulent practices leveled against him by Kubat.

The abrupt collapse of FTX, whose CEO Sam Bankman-Fried once assured customers that all was well with the company, has already brought huge regulatory burdens upon the crypto space, with authorities now waging war against Web3 projects.

In 2022, it was reported that the Web3 industry lost well over $3 billion to scam projects and these dark events have continued in 2023.

On Feb. 17, crypto exchange Binance proposed a new transparency framework for Web3 projects to enable the industry to rebuild the already shattered consumer confidence and trust.