Hall of Shame


Diginex Ltd (EQOS US)

Year: 2021

Diginex Ltd is a company mainly engaged in the provision of digital asset financial services and advisory. The Company mainly engages in delivering products, architectures, and infrastructures the digital asset class. The Company’s businesses include cryptocurrency exchange EQUOS.io, over-the-counter (OTC) trading operation, front-to-back integrated trading platform Diginex Access, hot and cold custodian Digivault and asset manager Bletchley Park Asset Management (BPAM).

The company listed on the NASDAQ in October 2020. Diginex’s back-door listing came through a merger with a special-purpose acquisition company (SPAC) called 8i.  After raising private capital and redeeming shares of the SPAC, the company had US$50 million in capital. An additional share offering in January 2021 raised another US$38.58M.

April 15, 2021 Iceberg Research released a report "DIGINEX Ltd ($EQOS): A Crypto Zero".  Iceberg believed that due to Diginex’s mission impossible plan for growth, miniscule revenues, dubious history of transactions, and along with its high cash burn, Diginex would struggle to survive. The issues that Iceberg uncovered in its research to back up this were:

  • Diginex’s key product was its crypto-exchange Equos. The exchange was ranked 296 out of 306 and competed against larger and well-funded exchanges.
  • The company was trying to differentiate Equos as a secure and reliable platform catering to institutional investors. However, Diginex’s dubious transaction history, accusations of selling assets without a controlling shareholder’s authorisation, and other corporate governance red flags clearly said otherwise.
  • After launching multiple business lines, Diginex generated minimal revenue of $23.1k for the 1H21 end-September period. The company reported a net loss of $108m for the same period. Iceberg expected Diginex to be able to operate for 18 months based on cash burn of $32m over the previous 12 months (LTM) and pro-forma cash of $47.6m.
  • Founder Miles Pelham has sold almost all his shares.

Iceberg concluded saying it was short on Diginex and expected its share price to quickly and substantially decline.


Iceberg Research: DIGINEX Ltd ($EQOS): A Crypto Zero, 15 Apr 2021
Digital Finance: Short seller Iceberg targets Diginex's Equos, 19 Apr 2021
Diginex: Prospectus, 9 Feb 2021
SEC: Diginex Filings
Newswire: Diginex News



Company From To
UHY 2019' -


(IPO - Initial Public Offering, ASO - Additional Share offerings)

Type Date Role Party
ASO-1 11-Jan-21 Placement Agent(s) HC Wainwright & Co


(CAC/MAC Chairman / Member Audit Committee - NC Nomination /Governance Comm. - CC Compensation/Remuneration Committee)

Type Name Role From To
Executive Richard Byworth CEO Aug.2018 -
Executive Paul Ewing CFO Aug.2018 -
Executive Chi-Won Yoon Chairman Aug.2020 -
Independent Paul Smith CAC, MCC, Risk Comm. 5-Oct-20 -
Independent Theng Siew Lian Lisa CCC 5-Oct-20 -
Independent Richard Petty Chair Risk Comm., MAC 5-Oct-20 -
Independent Andrew Watkins MAC, MCC, Risk Comm. 5-Oct-20 -
Senior Management Stelios Moussis Chief Legal Officer 5-Oct-20 -
Senior Management Ray Hennessey Chief Technology Officer 5-Oct-20 -
Senior Management Jim Pollock COO 5-Oct-20 -
Senior Management Neil Sheppard COO Financial Services 5-Oct-20 -