Viceroy Research Goes Short on Abaxx Technologies: 'Liquidity Explosion at the Plumbing Factory'
On 30 June 2026, Viceroy Research published a follow-up short report on Abaxx Technologies, titled "ATB Investor Call — Liquidity Explosion at the Plumbing Factory," examining a June 26, 2026 analyst call Abaxx management held with ATB. The report alleges that management's statements on that call — and on an earlier June 18 anniversary call — contradict each other and confirm, in Viceroy's reading, that a large share of Abaxx's reported exchange trading volume and open interest is incentivized rather than organic.
Epistemic note: The publication of the Viceroy report, and the existence of the quoted public statements from Abaxx executives on investor calls and social media, are facts referenced and quoted by Viceroy. The interpretation that this activity amounts to manipulation, and any characterization of management's motives or credibility, are the opinions of a short seller with a disclosed financial interest — they have not been independently verified by The Forensic Ledger, have not been adjudicated by any regulator, and may be disputed by Abaxx.
The core allegation: incentivized volume, undisclosed
Viceroy's central claim rests on quotes it attributes to Abaxx Chief Strategy Officer Dave Greely, who reportedly said on June 18, 2026 that "the bulk of the trading now is by participants who are incentivized," and repeated on the anniversary call that "most of the volume is coming from participants in the programs." Viceroy contrasts this with public statements and social posts it attributes to co-founder Josh Crumb touting "record" volume and average daily volume (ADV) growth as evidence of organic demand, and revenue estimates built on that trading activity.
Asked on the anniversary call what percentage of volume is incentivized, Viceroy says Crumb responded that the figure is "bundled in one of our key marketing expense lines" and that management would "look at how we present that going forward" — which Viceroy characterizes as a refusal to disclose a figure it says management has.
Open interest and timing patterns
The report alleges that Abaxx pays participants under a market maker and liquidity provider program using criteria that can include open interest and order-book depth, citing quotes attributed to Greely and Crumb describing "six different metrics" in that program. Viceroy presents a data point it says shows GKS open interest rising from 91 contracts on June 8 to 1,618 on June 10, split exactly 809/809 across two contract months — which the report characterizes as inconsistent with organic growth.
Separately, Viceroy describes a June 11 London product demonstration during which it says SSP silver trading, dormant for over two hours, resumed within seconds of the demo starting and stopped shortly before it ended, accounting for what the report calculates as 25.5% of that day's volume in a window that had been quiet on nine of the prior twelve sessions. Viceroy quotes Crumb attributing the coincidence to unrelated Trayport screen demonstrations occurring "coincidentally" during that window.
Onboarded participants and technology claims
The report states that Viceroy contacted several firms Abaxx has publicly named as onboarded participants — including, it says, a representative of StoneX — who reportedly described their accounts as "just connected" with limited trading activity. Viceroy also contrasts Abaxx's public characterization of its exchange technology as proprietary with statements it attributes to Crumb on June 18 describing the matching engine (identified elsewhere as a licensed third-party product) as "one very, very small piece" of the platform.
Related parties and the CBOE narrative
Viceroy raises related-party questions involving Abaxx personnel it says hold positions at other named investment entities, arguing these relationships and any associated trading have not been disclosed as related-party transactions. The report also contrasts two statements it attributes to Abaxx about the circumstances of Cboe's prior investment in Abaxx Singapore being sold back to Abaxx Technologies Corp, which Viceroy says describe the same event with contradictory framing.
Outstanding questions posed by Viceroy
The report closes with a list of questions Viceroy says it has posed to Abaxx management and reiterates were unanswered on the ATB call, including: what percentage of reported volume is attributable to incentivized participants; the identity of firms responsible for matched-leg calendar-spread trading Viceroy estimates at roughly 95% of exchange volume; whether any trading activity has been referred to Singapore's MAS or another regulator; and how management compensation is measured against exchange adoption metrics.
What would falsify this thesis
Falsification would look like: Abaxx publishing the percentage of volume attributable to its incentive programs and showing it is immaterial to reported growth; independent confirmation that named onboarded firms are trading materially on the exchange; documentation that the June 11 volume spike was unrelated to the product demonstration; and disclosure showing no undisclosed related-party trading. Any company response or clarification should be weighed alongside the report.
Viceroy's disclosed position
Viceroy Research disclosed that, as of publication, it and its affiliates may hold a direct or indirect short interest in Abaxx's securities and stand to realize monetary gains if the price declines, and that it may be long, short, or neutral at any time following publication.
Sources
⚖️ Editorial Disclaimer
This article is based on, and summarizes with citation, a research report already published by Viceroy Research on its own website (report page). The Forensic Ledger is an independent newsroom and structured archive; it is not the author of the underlying allegations and does not adopt them as established fact.
All claims, figures, and characterizations attributed to the report — including the characterization of Abaxx's trading volume and open interest as incentivized or non-organic, the interpretation of statements attributed to Dave Greely and Josh Crumb, the GKS open-interest timing data, the characterization of the June 11 London demo trading pattern, the statements attributed to onboarded participants, the related-party allegations, and any characterization of Abaxx management's conduct, credibility, or motives — are allegations and opinions of a third party (Viceroy Research) that discloses a financial interest in the decline of the covered securities. They have not been independently verified by The Forensic Ledger, have not been adjudicated by any court or regulator, and may be denied, disputed, or refuted by Abaxx Technologies or the individuals named in the report.
This article is published for informational and journalistic purposes only — to report on the existence and contents of a publicly available research document. It is not investment advice, not a recommendation to buy, sell, or hold any security, and not an endorsement of the report's conclusions. Nothing herein should be construed as a statement of fact about Abaxx's trading practices, technology, or management. Readers should consult the original source, any company response, and their own due diligence before drawing conclusions.
To the fullest extent permitted by law, The Forensic Ledger disclaims all liability arising from reliance on this summary. Any reproduction of the report's substance is attributed to Viceroy Research; readers are directed to the original publication for the authoritative text.
Original reporting by Viceroy Research. This article is desk analysis prepared by The Forensic Ledger from publicly available sources, summarized with citation to the original.
Not investment advice. This is original reporting and analysis prepared by The Forensic Ledger from publicly available data. Nothing here is a recommendation to buy, sell, or hold any security. Always consult the original source and a licensed professional. See our full disclaimer and source-citation policy.
