Abaxx Calls for Probe, Hires Paul Weiss After Short Seller’s Attack

Abaxx Technologies, a financial software and market infrastructure company, has publicly refuted allegations of wash trading and fabricated market activity made by short seller Viceroy Research. Abaxx stated that they have contacted regulators in Canada and Singapore regarding the allegations. Viceroy Research published two reports on June 11 and June 12, alleging that Abaxx Exchange's trading activity was merely incentive-driven churn that ceased when incentives were removed, and that the exchange itself was an "off-the-shelf" product.

Abaxx countered these claims by explaining that market maker and liquidity provider incentive programs are standard practice for new futures markets, and that their exchange has surveillance and disciplinary processes in place, with trading data publicly available through LSEG and TradingView. Abaxx also asserted that Viceroy overstated its net cash burn rate by more than 50% for the past two reported quarters. Following a recent C$69 million financing round at a price of C$54.25 per share, Abaxx maintains it is in a secure financial position. Despite this, Abaxx's shares had fallen to C$35.84 by June 16, a level last seen in March.

In addition to refuting the claims, Abaxx announced an investor update call for June 18, 2026, to address questions. The company maintains that accusations of failing to disclose material information, such as the exit of a subsidiary or that the Abaxx Exchange is an "off-the-shelf" product, are incorrect. Abaxx has offered full cooperation and access to all relevant records to regulatory authorities in Canada and Singapore. Viceroy Research's reports also alleged that entities like Kilo Capital and Ivanhoe Capital are undisclosed related parties involved in capital raising and wash trading, claims Abaxx has also sought to clarify or refute. In an additional report on June 15, Viceroy further claimed the Abaxx Exchange was an "off-the-shelf" product, a characterization Abaxx called incorrect, emphasizing the complexity of a regulated exchange's architecture.