The Bid by OPNX to Acquire Hodlnaut
The newly launched crypto exchange OPNX has made an offer to acquire 75% of struggling crypto lender Hodlnaut. If approved, the deal would inject around $30 million worth of FLEX tokens into Hodlnaut, partially covering outstanding claims and creditor payouts. Creditors have the option of receiving 30% of their claims in FLEX tokens or opting for a pro-rata payment to recover about 95% of the available corporate asset pool. The bid is subject to approval from Hodlnaut’s creditors, who will determine the fate of the acquisition and its impact on the larger crypto-lending ecosystem.
Uncertainty Surrounding the Deal
It is unclear whether Hodlnaut’s creditors will accept the deal, as a majority previously indicated their preference for liquidation rather than restructuring. The company faced a liquidity crisis and entered into judicial management and a court-based restructuring process. Founders Zhu Juntao and Simon Lee proposed selling the business as an alternative to liquidation. Regulatory concerns have also arisen, with figures associated with Hodlnaut and OPNX facing reprimands for operating without necessary licenses in Dubai.
The OPNX Exchange and Its Connection to 3AC
The FLEX token is the native token of CoinFLEX exchange, founded by Sudhu Arumugam and Mark Lamb. Arumugam and Lamb are also co-founders of OPNX, along with Kyle Davies and Su Zhu, founders of the now-bankrupt crypto hedge fund Three Arrows Capital. Creditors are pursuing Zhu and Davies in the US over bankruptcy proceedings, but Zhu is not subject to US court jurisdiction due to his Singaporean nationality.
Hot Take: The Future of Hodlnaut Hangs in the Balance
The bid by OPNX to acquire Hodlnaut represents a potential lifeline for the struggling crypto lender. However, it remains uncertain whether creditors will accept the deal or choose liquidation. The outcome will have significant implications for Hodlnaut’s future and the broader crypto-lending ecosystem. Regulatory concerns and legal battles add further complexity to the situation. Ultimately, the fate of Hodlnaut rests in the hands of its creditors.
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