Hodlnaut Rejects OPNX’s $30 Million Token Supply in Takeover Bid

• The judicial managers of Hodlnaut rejected OPNX’s takeover bid.
• OPNX has provided $30 million in FLEX tokens, that are seen as illiquid and have speculative worth.
• Causes for rejection included no timeline for reimbursement 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 provided a $30 million capital injection in FLEX digital tokens, after which the trade would personal 75% of Hodlnaut. Moreover, if the proposal is permitted, collectors will obtain 30% of their claims in FLEX and different tokens.

In response to a courtroom submitting, the judicial managers described the $30 million provide of FLEX digital tokens as “illiquid” and with “speculative worth.” Furthermore, nearly all of Hodlnaut Group’s collectors, who account for 60% of the overall debt quantity, have been towards OPNX’s provide.

Directors’ issues included no injection of money or belongings with related 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 reimbursement of collectors’ debt and no particulars of cost 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 response to 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 the moment 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 based on 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), based on stories. Nonetheless, 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 day by day administration of the trade. Authorities in Dubai fined Zhu, Davies, Lamb, and Arumugam in August 2023 for working OPNX with out the required native license.