- The judicial managers of Hodlnaut rejected OPNX’s takeover bid.
- OPNX has supplied $30 million in FLEX tokens, that are seen as illiquid and have speculative worth.
- Causes for rejection included no timeline for compensation of collectors’ debt.
The interim judicial managers of Hodlnaut, the embattled crypto lender, have opposed the proposed phrases of a takeover bid made by OPNX, a digital asset trade platform. OPNX was created by the founders of Three Arrows Capital, a failed hedge fund.
OPNX has supplied a $30 million capital injection in FLEX digital tokens, after which the trade would personal 75% of Hodlnaut. Moreover, if the proposal is accepted, collectors will obtain 30% of their claims in FLEX and different tokens.
In accordance with a courtroom submitting, the judicial managers described the $30 million provide of FLEX digital tokens as “illiquid” and with “speculative worth.” Furthermore, the vast majority of Hodlnaut Group’s collectors, who account for 60% of the overall debt quantity, had been in opposition to OPNX’s provide.
Directors’ considerations included no injection of money or belongings with comparable liquidity. Bloomberg shared that this implied liquid tokens corresponding to Bitcoin or Ether. Moreover, the court-appointed judicial managers added that there was no timeline for compensation of collectors’ debt and no particulars of fee past 30% of liabilities.
Hodlnaut, a Singapore-based firm with operations in Hong Kong, was impacted by the $1.5 trillion loss within the crypto market following final 12 months’s bankruptcies and regulatory scrutiny, together with FTX and Binance. In accordance with the stories, OPNX is pitched as a venue to commerce crypto claims, corresponding to these related to bankrupt crypto platforms, and has proposed to take management of Hodlnaut.
Mark Lamb and Sudhu Arumugam, the founders of the CoinFLEX trade, are the founders of OPNX. Bloomberg talked about that FLEX at present has a market worth of $54.4 million and a buying and selling quantity of $3,260 at press time. OPNX was buying and selling at $0.55 in line with CoinGecko, which is down by 95% for the reason that provide was submitted to the Singapore courtroom.
OPNX is related to Three Arrows Capital (3AC), in line with stories. Nevertheless, 3AC’s Co-founders, Su Zhu, and Kyle Davies, stated they contributed to OPNX and continued to “tout it” on X (previously Twitter), however the co-founders weren’t concerned within the every day administration of the trade. Authorities in Dubai fined Zhu, Davies, Lamb, and Arumugam in August 2023 for operating OPNX with out the required native license.