Feb 21, 2023
CEO Vigorously Refutes Allegations of Improprieties by Former CTO
The CEO of Composable Finance, Omar Zaki, has strongly denied any wrongdoing following the resignation of the firm’s former chief technology officer, Karel Kubat. Kubat released a statement on Feb. 20th via Twitter, citing a lack of financial transparency and a suspicion of legal improprieties as his reason for stepping down.
In response to the allegations, Zaki held an AMA (Ask Me Anything) on Twitter Spaces, where he defended the company’s integrity and its compliance with legal regulations.
Composable Finance is a decentralized finance infrastructure platform that raised over $100 million through a parachain auction on Polkadot in February 2022. In April 2019, the United States Securities and Exchange Commission (SEC) issued a cease-and-desist order against Zaki for allegedly misleading investors about the fund’s assets, performance, and management during his role as an executive for Warp Finance and Force DAO. As part of the settlement, Zaki was barred from raising money from investors in the U.S.
Kubat’s statement accused Zaki of being involved in the raising of Series A funds for the company in violation of the SEC mandate. Zaki denied this allegation, stating that the offering was done offshore and with the help of legal counsel. He added that the company is private and cannot publicly release financial information, but that he is confident that the company has sufficient resources and personnel to execute its strategies.
Kubat also claimed that Zaki’s role in the alleged rug-pull project, Bribe, was “much greater than he publicly stated.” Zaki denied this accusation, saying that the company had no part in the Bribe project.
In the web3 space, NFTs have become a popular way to promote, market, and sell digital assets. As an NFT marketing agency, Composable Finance provides services to help clients promote their NFTs on platforms such as Twitter. The company also offers services to help clients sell NFTs, as well as providing general web3 agency services such as branding, marketing, and public relations.
Zaki’s legal troubles have raised questions about the company’s integrity and its ability to provide these services. However, Zaki has strongly denied any wrongdoing and the company has continued to operate. For those interested in the web3 space, Composable Finance offers a range of services to help promote, market, and sell NFTs.
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