OPNX Offers $30 Million Worth of FLEX Tokens to Acquire Majority Stake in Hodlnaut
OPNX, a new crypto exchange, is seeking to acquire a 75% equity stake in struggling crypto lender Hodlnaut. The exchange has offered $30 million worth of FLEX tokens to fund a partial creditor payout for Hodlnaut. If the offer is accepted, OPNX would become the majority owner of the company. However, due to the backgrounds of OPNX’s founding team, the proposal has been met with criticism and skepticism from the community.
Controversial Founding Team and Troubled Token
The co-founders of OPNX, Mark Lamb and Sudhu Arumugam, are also associated with the troubled crypto exchange CoinFLEX and the bankrupt crypto hedge fund Three Arrow Capital. FLEX, the token linked to CoinFLEX, has seen a decline of around 11.68% in the past 24 hours. The backgrounds of the other co-founders, Su Zhu and Kyle Davies, have also raised concerns, with allegations of faking trading volume and uncooperative behavior with authorities.
Potential Benefits for Hodlnaut Creditors
Hodlnaut, which suspended operations in August 2022, has been searching for a “white knight investor” since then. The founders believe that selling the business would provide more value to creditors compared to liquidation. If the deal with OPNX goes through, Hodlnaut creditors could choose to redeem their claims in FLEX and other tokens or receive a pro rata payment of up to 95% of the available corporate asset pool.
Hot Take: OPNX’s Offer Raises Concerns Amidst Controversial Backgrounds
The offer by OPNX to acquire a majority stake in Hodlnaut with FLEX tokens raises concerns among the crypto community. The backgrounds of OPNX’s founding team, including their involvement in troubled exchanges and hedge funds, have led to skepticism about the exchange’s intentions. The future of Hodlnaut and its creditors remains uncertain, especially considering the potential risks associated with OPNX.
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