Hodlnaut’s Judicial Management Resists OPNX Takeover
In a recent court filing, it has been revealed that Hodlnaut’s judicial managers are opposing a takeover deal by OPNX. Hodlnaut, a crypto lending platform, suspended withdrawals due to the deteriorating market conditions and subsequently sought judicial management to restructure the company.
Hodlnaut Faces Significant Losses
According to court documents, Hodlnaut has suffered losses of around $193 million, with a major portion of these losses attributed to the decline of Terra. OPNX, founded by Kyle Davies and Su Zhu of Three Arrows Capital, is a crypto exchange that allows users to trade claims of bankrupt crypto firms.
Resistance from Creditors
The report states that 60% of Hodlnaut’s creditors are against the takeover deal. However, neither the interim judicial managers nor OPNX have provided any comments on the matter. It is worth noting that Zhu and Davies have recently been banned from participating in regulated financial activities in Singapore for nine years. Furthermore, OPNX has faced fines from Dubai’s Virtual Asset Regulatory Authority (VARA).
Hot Take: Uncertain Future for Hodlnaut and OPNX
The opposition from Hodlnaut’s judicial managers and creditors, coupled with the regulatory issues faced by OPNX, paints an uncertain future for both parties involved. The outcome of this takeover deal will have significant implications not only for Hodlnaut but also for the wider crypto industry. As the situation unfolds, it remains to be seen how these challenges will be resolved and what impact they will have on the crypto market as a whole.
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