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Recent reports reveal that Hodlnaut, a once-prominent cryptocurrency lender currently under interim judicial management, has turned down a takeover bid from the cryptocurrency platform OPNX. This decision came to light when the settlement token's value nosedived, losing a significant 90% of its initial worth.
The proposal to take over Hodlnaut came from OPNX, a brainchild of Kyle Davies and Su Zhu who previously co-founded the now-defunct hedge fund, Three Arrows Capital. However, the takeover bid met resistance, with Hodlnaut's interim managers highlighting the proposal's reliance on the Flex (FLEX) tokens. These tokens were deemed as having a "speculative value," especially considering their dwindling worth over a short span of time.
Data indicates that back in early August 2023, when OPNX initially expressed interest in acquiring 75% of Hodlnaut, the FLEX token was trading at an approximate value of $7. This sharply contrasts with its current trading price of $0.58, as per CoinGecko's metrics.
Another point of contention for Hodlnaut’s management was the absence of any tangible assets, such as Bitcoin or Ether, in the deal. The deal's lack of clarity concerning the repayment of debts to creditors and the vague payment details were also factors contributing to the rejection.
It's worth noting that the FLEX token is inherently linked to the Coinflex exchange, with ties to OPNX through its founders Mark Lamb and Sudhu Arumugam. Coinflex, facing its own challenges, halted all withdrawals in June 2022. The platform's CEO blamed the suspension on tumultuous market conditions and an ongoing issue with a significant client. The platform is on a trajectory to shut down its operations on October 31, 2023, urging its user base to retrieve its assets before that date.
