Hodlnautβs Takeover by OPNX Exchange Faces Challenges
The acquisition of Hodlnaut by the OPNX exchange is encountering difficulties as the interim judicial managers have criticized the exchange’s tokens as “illiquid” and “speculative.” Bloomberg reports that administrators of Hodlnaut and over 60% of its creditors have opposed the $30 million acquisition deal proposed by OPNX.
Reasons for Rejection by Hodlnaut Creditors and Judicial Managers
Last month, the troubled crypto lender Hodlnaut was offered a 75% stake acquisition by the OPNX exchange. However, Hodlnaut administrators expressed concerns about the “illiquid” and “speculative value” of OPNX’s Flex Coin (FLEX) tokens. The court document also highlighted other reasons for rejection, including the absence of cash injection or assets with similar liquidity, no repayment timeline for creditors’ debt, and insufficient details regarding payment beyond 30% of liabilities.
Community Backlash and CoinFLEX Connection
When OPNX initially proposed acquiring Hodlnaut in August, it faced backlash from the community, with some perceiving it as an attempt to trade worthless internet currency for real equity. FLEX tokens are associated with CoinFLEX exchange, whose co-founders are part of OPNX’s founding team. CoinFLEX froze withdrawals in August 2022 and filed for restructuring in Seychelles.
FLEX Token Volatility
The price of FLEX tokens has experienced significant volatility recently. It surged to $2.4809 on Monday before subsequently crashing. Currently, it is trading at $0.5841 during press time, representing a 16.22% increase in the past 24 hours.
Hot Take: Challenges Ahead for Hodlnaut’s Takeover
The acquisition of Hodlnaut by the OPNX exchange is facing hurdles as administrators and creditors raise concerns about the illiquidity and speculative nature of OPNX’s tokens. Additionally, issues such as the absence of cash injection, lack of repayment timeline, and insufficient payment details have contributed to the rejection of the deal. This comes after community backlash towards OPNX’s initial proposal, which was seen as an attempt to trade worthless internet currency for real equity. The volatility of FLEX tokens further adds uncertainty to the situation. It remains to be seen how this takeover saga will unfold.
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