Khing Oei
LPTXAbout Khing Oei
Khing Oei (age 49) was appointed to the Leap Therapeutics (rebranding to Cypherpunk Technologies) Board of Directors on November 11, 2025 as a Class II director and was elected non‑executive Chairman of the Board the same day . He brings 20+ years in global finance, distressed/special-situations investing, and digital assets, most recently as Founder/CEO of Treasury B.V. (a euro‑denominated Bitcoin treasury platform) and formerly CIO/Founder of Eyck Capital; he also held senior roles at Bardin Hill, SC Lowy, Goldman Sachs, Fortress, and Merrill Lynch, and holds an M.Sc. in Econometrics (Vrije Universiteit Amsterdam) . His appointment coincides with Leap’s pivot to a digital asset treasury strategy (Zcash) and corporate rebrand to Cypherpunk Technologies (Nasdaq: CYPH) .
Past Roles
| Organization | Role | Tenure (approx) | Committees/Impact |
|---|---|---|---|
| Eyck Capital Management | Founder & Chief Investment Officer | 2019–2022 | Event-driven hedge fund; focused on distressed/special situations across credit/equities |
| Bardin Hill Investment Partners (Halcyon) | Managing Principal & Portfolio Manager; CEO of European operations | Prior to 2019 | Led European distressed investments; managed $2.5B CLO platform |
| SC Lowy; Goldman Sachs (Special Situations Group); Fortress (Drawbridge Special Opportunities); Merrill Lynch | Senior investment roles / early career | Earlier career | Special-situations & distressed credit investing |
External Roles
| Organization | Role | Status/Timing | Notes / Potential Relevance |
|---|---|---|---|
| Treasury B.V. | Founder & CEO | Since Aug 2025 | Backed by Winklevoss Capital and Nakamoto Holdings (investor nexus with LPTX lead investor) |
| Attestor Limited | Senior Advisor – Crypto | Since Nov 2022 | Multi‑bn hedge fund focused on distressed/special situations in digital assets |
| Genesis Global Holdco LLC; Genesis Asia Pacific Pte. Ltd. | Board Member | Current | Crypto lending/exchange ecosystem exposure |
| Privium Fund Management B.V. | Valuation Committee Member | Current | AUM ~$4B; oversight of valuation processes |
Board Governance
- Role and status
- Non‑executive Chairman of the Board (appointed Nov 11, 2025) .
- Independence assessment under Nasdaq rules has not yet been disclosed post‑appointment; note that the Lead Investor (Winklevoss Treasury Investments, LLC) obtained the right to nominate two directors, one serving as chair, under an October 6, 2025 agreement, indicating investor influence over the chair role .
- Committees and leadership structure
- As of the 2025 annual proxy (pre‑appointment), Thomas Dietz served as Lead Independent Director; the Board maintained separate committee chairs and regular executive sessions of independent directors (five in 2024) . Updated committee assignments for Mr. Oei were not disclosed in the appointment filings.
- Attendance and engagement
- In 2024, the Board met five times; each then‑serving director attended at least 75% of Board/committee meetings (Mr. Oei joined after this period) .
- Policies
- Insider Trading Policy prohibits hedging/monetization, short sales, and pledging/margin of company stock by directors .
- Related‑party transactions must be pre‑approved by the Nominating & Corporate Governance Committee under a formal policy .
Fixed Compensation (Director Program)
| Component | Amount/Terms |
|---|---|
| Annual Board retainer (non‑employee director) | $45,000 cash |
| Committee fees | Audit Chair $20,000; Audit Member $10,000; Compensation Chair $15,000; Compensation Member $7,500; Nominating/Gov Chair $10,000; Nominating/Gov Member $5,500 |
| Lead Independent Director fee | $35,000 (in addition to base/direct committee fees) |
| Reimbursements | Reasonable travel/out‑of‑pocket expenses reimbursed |
Note: The program above applied in 2024/2025 proxy materials; specific 2025 grants/fees for Mr. Oei at appointment were not separately disclosed in filed materials .
Performance Compensation (Director Equity)
| Feature | Details |
|---|---|
| Annual equity to directors | Stock options; typical annual grant 25,000 options to non‑employee directors; Lead Independent Director 30,000 options |
| Vesting | Quarterly over one year |
| Exercise price | Fair market value on grant date |
| Timing policy | Company states options are not timed around MNPI; no “spring‑loading”/“bullet‑dodging” |
| Annual director grant/fee cap | Total director compensation (cash + equity grant date value) capped at $2,000,000 per calendar year |
| Clawback | Awards subject to clawback under plan terms for specified misconduct/breaches |
Other Directorships & Interlocks
| Relationship | Detail | Governance Implication |
|---|---|---|
| Lead Investor nomination rights | Winklevoss Treasury Investments, LLC (Lead Investor) obtained rights on Oct 6, 2025 to nominate two directors, one serving as Board Chair, contingent on ownership thresholds | Investor‑influenced chair selection; potential perceived loss of board independence at chair level |
| Treasury B.V. backing | Mr. Oei’s Treasury B.V. is backed by Winklevoss Capital and Nakamoto Holdings | Potential affiliation with the Lead Investor’s network; consider related‑party oversight |
| Private placement/control optics | Full exercise of private placement warrants could exceed 20% and be deemed a “change of control” under Nasdaq rules; Winklevoss Capital could own ~146.5M shares as‑converted if fully exercised (subject to approvals/limits) | Concentrated shareholder influence; reinforces need for robust independent director processes |
Expertise & Qualifications
- Distressed/special‑situations credit and multi‑strategy hedge fund leadership; managed a $2.5B CLO platform (Bardin Hill) .
- Digital asset markets expertise (Founder/CEO Treasury B.V.; Senior Advisor – Crypto at Attestor; boards at Genesis entities) .
- Academic credentials: M.Sc. in Econometrics (Vrije Universiteit Amsterdam); Fulbright coursework at Tulane (Economics) .
- Strategic fit with company’s newly announced Zcash treasury strategy and rebrand to Cypherpunk Technologies .
Equity Ownership
| As-of | Filing | Beneficial Ownership | Derivatives/Notes |
|---|---|---|---|
| Nov 13, 2025 | Form 3 (initial) | “No securities are beneficially owned” | Power of Attorney on file authorizing Section 16 filings via CEO Douglas Onsi ; Insider policy prohibits hedging/pledging/margining by directors |
Insider Filings Summary
| Date | Form | Summary |
|---|---|---|
| Nov 13, 2025 | Form 3 | Initial statement of beneficial ownership filed; reports no beneficial ownership at appointment |
| Nov 7, 2025 | POA (Ex. 24) | Power of Attorney appointing Douglas Onsi as attorney‑in‑fact for Section 16 filings |
Governance Assessment
- Strengths
- Capital markets and digital asset acumen aligned with the company’s treasury strategy and rebrand, potentially enhancing strategic oversight at the board level .
- Non‑executive chair structure with a designated Lead Independent Director role (as of April 2025) and regular independent executive sessions support independent oversight practices .
- Robust policy framework: prohibition on hedging/pledging/short sales by directors, formal related‑party transaction approval, equity clawback language in the equity plan .
- Risk indicators and potential red flags
- Investor influence: Lead Investor holds nomination rights including the chair role; Mr. Oei’s own firm is backed by Winklevoss Capital (Lead Investor), raising perceived independence and conflict‑of‑interest concerns. The board should ensure recusal/independence safeguards for matters involving Lead Investor interests .
- Control and dilution optics: Private placement warrants and change‑of‑control treatment under Nasdaq rules heighten governance sensitivity; continued transparency on approvals and dilution is essential .
- Strategy shift risk: Digital asset treasury strategy (Zcash) introduces nontraditional risk and potential stock price correlation to digital asset markets; board should evidence risk oversight, custody, valuation, and compliance controls .
Bottom line: Mr. Oei’s appointment as non‑executive Chairman adds deep special‑situations and crypto expertise that is directly relevant to the strategic pivot. However, his investor‑linked appointment and Treasury B.V. backing by Winklevoss Capital warrant heightened board process rigor on independence, related‑party reviews, and explicit recusal where appropriate .
Notes on Missing Disclosures
- Committee assignments, independence determination under Nasdaq rules, 2025 director‑specific equity grants, and 2025 meeting attendance for Mr. Oei were not disclosed in the available filings and will likely appear in the next annual proxy.