OPNX Makes Bid to Takeover Hodlnaut
OPNX, backed by Three Arrows Capital co-founders Su Zhu and Kyle Davies, has reportedly made a bid to take over struggling lending firm Hodlnaut. The plan involves injecting $30 million worth of FLEX tokens into Hodlnaut to partially pay off creditors.
Key Points:
- OPNX has offered to inject $30 million worth of FLEX tokens into Hodlnaut to finance a partial payout to creditors.
- If approved, the deal would result in OPNX owning 75% of Hodlnaut.
- Users would receive 30% of their claim in FLEX and other cryptocurrencies if the plan is approved.
- Hodlnaut was a victim of the 2022 crypto credit crisis and halted withdrawals after losing $190 million.
- Three Arrows Capital, Hodlnaut’s backer, sought bankruptcy protection and its liquidators are seeking over $1 billion from Zhu and Davies.
Hodlnaut’s Future Hangs in the Balance
OPNX’s bid to takeover Hodlnaut brings hope for the struggling lending firm. With the potential injection of $30 million worth of FLEX tokens, creditors may receive a partial payout. However, the approval of Hodlnaut’s creditors is crucial for the success of the plan. If approved, users may receive 30% of their claim in FLEX and other cryptocurrencies. The fate of Hodlnaut now rests in the hands of its creditors.
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