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Abaxx Technologies, the Canadian company behind Singapore’s Abaxx Exchange, has asked Canadian market regulators to investigate whether manipulative trading occurred in its shares following a short-selling campaign by Viceroy Research, and it has brought in heavyweight law firm Paul Weiss to help mount its defense.
What Viceroy alleged, and what happened next
Viceroy Research, a short-selling firm, disclosed a short position against Abaxx on June 11, 2026. What followed was a series of reports, published on June 12 and June 15, that went considerably further.
The core accusation: Abaxx Exchange’s trading volumes are largely the product of wash trading, not genuine market interest. Viceroy claims the exchange is essentially trading with itself to inflate activity numbers, making the platform look busier and more valuable than it actually is.
Viceroy’s reports also questioned the exchange’s underlying technology and cast doubt on whether there’s real demand for the derivatives contracts it offers. The market reacted predictably. Abaxx shares dropped approximately 13.8% following Viceroy’s initial report.
Abaxx fires back
Abaxx has categorically denied the allegations, calling them part of a manipulative campaign designed to profit Viceroy’s short position. The company says it has notified both Canadian and Singaporean regulators about the situation.
On the wash trading claim specifically, Abaxx has pointed to its exchange rulebook, which explicitly prohibits the practice. The company maintains that no regulatory investigations into Abaxx Technologies are currently ongoing.
Hiring Paul Weiss is a notable escalation. The firm is one of the most prominent litigation practices in the US, and bringing them on signals that Abaxx views this as more than a PR headache.
The business underneath the controversy
Abaxx is the majority owner of the Abaxx Exchange, a Singapore-based platform focused on futures contracts for energy transition commodities. In May 2026, Abaxx launched physically deliverable silver Singapore futures. That same month, the company received conditional approval to list on the Toronto Stock Exchange, a step up from its previous trading venue on Cboe Canada.
The TSX listing, combined with C$69 million in financing that Abaxx had secured, painted a picture of a company gaining institutional credibility. Then Viceroy’s reports landed and introduced a very different narrative.
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