Publications

June 24, 2026 – Abaxx’s milestones are measured in volume and connections, and the inference is that one drives the other. This is a fallacy. Abaxx themselves conceded that market volume is “dominated” by incentives.A member is admitted here, a client is plumbed in there, Josh Crumb prints a molecule on his porcelain throne, publishes it on twitter, and still there is only BS churn on the Exchange.On 24 June 2026 Abaxx admitted Yongan International Financial as its newest member, effective 29 June. Abaxx VIP shareholders (the #29ers) were apparently leaked this information days ago. Yes, we have infiltrated your shareholder channels, and no, we have not traded on the information.Fortunately: Abaxx has already contacted CIRO to investigate trading on the exchange! We have pre-emptively sent all relevant messages (including DMs) from our infiltration of the Abaxx #29ers to the Canadian Securities Regulator. We may publish these at a later date.

Abaxx pays physical cargo players for exchange indexing on contracts. It then promotes LNG contract indexing to shareholders as organic.In March 2025, Abaxx announced that “two Asia-based counterparties” had agreed to trade an LNG cargo with the transaction price indexed to Abaxx GOM LNG futures. It continues to say that the “adoption” of the Abaxx exchange in this transaction represents “confidence in the strength of [Abaxx’s] contracts”.In a discussion with Abaxx CMO, Shanmei Lim, it was revealed that Abaxx pay “cash bounties” for “physical players” to index their cargo to Abaxx, who “do not even have to trade on our exchange”."So one of the things that we're actually trying to do now is we're trying to incentivize the adoption of Abaxx as the LNG reference. So we're actually incentivizing physical players right to actually use our price to index their cargo.And they do not even have to trade on our exchange. They don't need to trade futures, but we're actually offering like a cash bounty if they're willing to have Abaxx as a reference in their contract.And where we're offering a pretty attractive number there and we've got more than one cargo, you know, I think with budget it, probably between 8 to 10 cargoes because for us, the moment you get adoption as a reference, that's when the participants initially need to hedge their risk, right? And ultimately, that should somehow fall back to us in terms of trading for our units." – Abaxx CMO, Shanmei LimNowhere on their 25 March 2025 announcement does Abaxx disclose that these LNG reference contracts are only obtainable with “cash bounties”.Abaxx has been paying “cash bounties” for over a year for LNG contract adoption. How many of these counterparties have hedged risk on the Abaxx exchange?

Abaxx’s investor call rant gives no answers, plenty of excuses, and endless entertainment.June 19, 2026 – As predicted, Abaxx management’s aversion to criticism and Josh Crumb’s big mouth provided zero answers and plenty of entertainment in yesterday’s conference call.

Abaxx’s refutation of Viceroy’s work Crumbles under 4th Grader scrutiny, excels in excuse-ology and deflection. This is epitome of BS churn.June 18, 2026 – On June 17, 2026, Abaxx issued a press release titled “Abaxx Refutes Misinformation Being Circulated and Addresses Recent Share Price Decline”. In line with most of Abaxx press releases: headlines are deceiving.We will address management’s response line-by-line, as should be done.

Abaxx appointed Jeff Currie as Executive Co-Chairman of Abaxx Markets, then walked back his appointment as just “more of the same”.June 17, 2026 – As we have already demonstrated: Abaxx takes every opportunity to anchor itself to credible businesses, with the substance of the relationships decreasing over time as management grasp for stock promote news. Abaxx also appears eager to leverage the credibility of high-profile industry figures while simultaneously downplaying their operational involvement when questioned by investors.Investors may reasonably ask why a position described as "Executive Co-Chairman" required immediate clarification that it was neither managerial nor operational. If Currie's role is primarily advisory, the use of one of the most senior executive titles available risks creating a misleading impression regarding his day-to-day involvement in the business.The contradiction follows a familiar pattern at Abaxx, especially with Josh Crumb’s statements: prominent industry names are highlighted in promotional materials, investor presentations & social media, while the practical significance of those relationships becomes less clear or watered down when put under scrutiny.

15 June 2026 – Viceroy Research is short Abaxx Technologies (ABXX). The equity rests entirely on the Abaxx Exchange. Abaxx’s “full-stack” technology suite does not include the exchange, but only white-paper pipelines of pipedreams that do not have commercial application or already exist.Abaxx did not build the Abaxx Exchange. It rented one. Its own vendor says so in print, and Abaxx appears to pay royalties to ExBerry for its “Exchange In a Box”, "Off-the-shelf SaaS matching engine".

June 12, 2026 - Today Viceroy sent a letter to MAS. This submission presents evidence that Abaxx doesn't just use market makers to wash trade and fake market activity, but times this manipulation to align with investor presentations and industry events through an incentive scheme. Once those events end, the exchange activity vanishes.We provide trade-level, time-stamped evidence from events yesterday that, in our view, materially reinforces the concerns raised in our report regarding the generation of artificial trading activity for the purposes of misleading Abaxx Technologies investors.

“Priming the pump of new products with market makers and ultimately BS churn that doesn’t have a lot of physical underlying” – Josh CrumbPLEASE READ IMPORTANT DISCLAIMERJune 11, 2026 – Viceroy Research is short Abaxx Technologies (TSX:ABXX). While Abaxx claims it’s running a “next generation” “physical-delivery” marketplace, the truth is it’s fixing a problem that does not exist. Abaxx’s exchange must fabricate activity while CEO Josh Crumb has pivoted his business model yet again, this time into a vibe-coded, generic tech stack with no clear way of making a profit.Crumb’s disorienting business decisions are primarily announced in a flurry of slop posts on X (formerly Twitter), where he switches between typo-ridden gold rants and complaining about short sellers, despite stocks reaching all-time highs.The primary enthusiasm for the stock stems from the purported success of the Abaxx Exchange. The Exchange activity is almost entirely comprised of uneconomic churn sustained by management incentives, which collapses the moment those incentives are switched off. There is no genuine hedging activity or price discovery supporting this façade.Abaxx’s management have just two talents: shameless self-promotion and slop-posting on Twitter. This deadly combination makes Abaxx a perfect short, boasting endless examples of governance failures, “strategic pivots”, lies and fraud.

Vedanta Limited was raided by the Enforcement Directorate (ED) this morning, allegedly relating to FEMA violations stemming from "brand fees" paid to UK-based parent Vedanta Resources Limited (VRL).We have shown that these brand fee payments are made to VRL in the UK despite them holding no physical presence in the UK, or anywhere outside of India. Explicitly: we believe Vedanta is committing tax fraud. The ED now appears to be testing the same proposition under a statute that allows it to seize assets first and litigate afterwards.For VRL's creditors this is a more direct threat to the cash that services their debt than any tax proceeding, because it can interrupt the cash flow before any findings of wrongdoing.

The Long Thesis is intact.May 5, 2026 – Viceroy is long Aroundtown. This is a low-maintenance position. Several follow ups are queued and will drop in the coming weeks, working through the inbox of questions readers have sent us since February.FY2025 results validate tur thesis. Book values held under independent year-end revaluation, FFO printed in line with guidance, leverage fell, and the dividend is back. Management has also launched a €250m buyback at a 60%+ discount to NTA and a share-for-share offer to consolidate Grand City Properties (GCP).The activist call has been answered. We reiterate that Aroundtown is severely mispriced and presents a ~100% upside on our base case.

The Chhattisgarh’s boiler explosion is a symptom of Vedanta’s systematic disregard for ESG. It follows dozens of other industrial incidents and human rights violations that the GoI, and ESG mandated stakeholders, ignore.April 16, 2026 – On April 14, 2026, an incident at Vedanta’s Chattisgarh Athena Power Plant led to the death of at least 20 workers and over 36 workers injured[1].Vedanta claimed that the incident involved personnel from its subcontractor NGSL.Media has reported that the cause was a failure in the boiler tube. There are also conflicting reports that it was the main steam pipe carrying steam from the boiler to the turbine.The unit that caused the incident was likely unit 1, as unit 2 was still under commission.The GOI’s Ministry of Power provide annual accounts of the status of thermal power projects in the country. These are publicly available.On July 7, 2022, Vedanta purchased the Athena TPP out of liquidation for Rs 564 crore (~$70m in 2022).From the April 2024 BSR, Vedanta expected the plant to be revived by FY2030-31.From the April 2025 BSR, Vedanta moved up the expected commissioning dates for both units to 2025-26 and 2026-27.Vedanta is a Morally Reprehensible Business with a Dismal ESG HistoryYou can lead a horse to water, but you can’t get the GoI to ever reprimand crony capitalism. Unfortunately, workplace accidents occur systematically across Vedanta’s crony-capitalist enterprise. We have reported on dozens of abhorrent “incidents”, many of which are ongoing, to deaf ears from both the GoI and from Vedanta’s vast number of global institutional investors with ESG mandates.Profits from Anil’s Crony Capitalist empire are transferred, pre-tax, to the United Kingdom via exorbitant brand fees even though Vedanta Resources does not maintain an office in the UK. The GoI simply allows Vedanta to commit what we perceive to be blatant tax fraud.To salt wounds further: the GoI has announced that the Indian taxpayer will fund bereavement payments to the families of Vedanta’s victims.Despite these epic ESG failures and the inability to successfully execute any project on time this decade: Anil’s message across social media channels and public events has consistently been that the GoI should hand over more public assets to Vedanta (ostensibly, a British company), roll back regulation, and self-certify.Anil Agarwal is not a serious person. There will be more disasters. Shareholders rejoice.Questions1.       What happened to the boilers during the work halt (2017 – 2024)?2.       What tests were conducted post 2022? Was the hydro test redone?3.       Why did Vedanta move commissioning from FY2030 to 2025-27?4.       What changed operationally or financially to accelerate this timetable revision?5.       What was the failure mechanism?

On 8 April 2026, Close Brothers Group plc (“CBG”) published a Regulatory Information Service announcement titled Update in relation to motor finance commissions (the “Announcement”), self-classified as inside information under UK MAR. The Announcement claims the FCA’s redress scheme (PS26/3) will cost CBG c.£320 million—“broadly similar” to its existing £294 million provision—and can be “comfortably absorbed by existing capital resources.”This is not credible. The £320 million figure rests on an average redress of “c.£500 per customer” – 40% below the FCA’s industry average of £829 – from a lender with one of the highest DCA concentrations in the UK market. The £500 figure is arithmetically consistent with a back-of-the-envelope linear scaling exercise. It is inconsistent with a loan-by-loan application of the PS26/3 formula. And the £320 million total is inconsistent with the structure of CBG’s own probability-weighted provision.This letter to the FCA sets out why.