OPNX Aims to Acquire Struggling Hodlnaut in $30 Million Deal
OPNX, the newly launched digital asset exchange, is seeking to acquire struggling cryptocurrency lender Hodlnaut. The founders of Three Arrows Capital, the defunct hedge fund, are actively promoting the venture. Here are the key points:
– Founders of Three Arrows Capital are promoting OPNX and seeking to acquire Hodlnaut.
– OPNX plans to inject $30 million in FLEX digital tokens into Hodlnaut to support its reorganization.
– The capital injection would give OPNX a 75% ownership stake in Hodlnaut, pending creditors’ approval.
– Creditors could receive up to 95% of the available corporate assets if they support the scheme.
– OPNX founders Su Zhu and Kyle Davies are promoting the exchange but are not involved in day-to-day operations.
A Troubled Past for Hodlnaut
Hodlnaut has faced financial difficulties and had to suspend withdrawals, leading to a court-based reorganization. Here are the key points:
– Hodlnaut faced financial difficulties a year ago and had to suspend withdrawals, resulting in a court-based reorganization.
– The founders initially proposed selling the firm to creditors as an alternative to liquidation, but key creditors opted for liquidation.
– OPNX’s bid offers hope for Hodlnaut’s future, but the founders are currently facing legal challenges from the liquidators of their previous hedge fund.
Awaiting Response from Hodlnaut
Hodlnaut has yet to respond to the acquisition proposal, and comments from the judicial management overseeing the reorganization are pending. Here are the key points:
– Hodlnaut has not responded to OPNX’s acquisition proposal.
– The judicial management overseeing the reorganization has not provided any comments on the matter.
– The outcome of the acquisition bid remains uncertain for Hodlnaut.
Hot Take
The acquisition bid by OPNX presents a potential lifeline for struggling cryptocurrency lender Hodlnaut. However, the legal challenges faced by OPNX’s founders raise concerns about the success of this venture. The future of Hodlnaut hangs in the balance, awaiting responses and decisions from various stakeholders involved.
By
By
By
By
By
By