News 
Coin Information 
About us 
Crypto lending platform Hodlnaut might just have found its financial savior. A recent report from Bloomberg suggests that the OPNX exchange is keen on acquiring a majority stake in the troubled lender, proposing to buy 75% of Hodlnaut.
The proposition includes infusing Hodlnaut with a sum equivalent to nearly $30 million in the form of FLEX tokens. This strategic move aims to address part of the payout expected by the creditors and meet pending claims. For context, FLEX, a native token of CoinFLEX exchange, was valued at $7.10 when this news broke, according to CoinMarketCap.
The restructuring process of Hodlnaut is currently monitored by a judicial entity in Singapore. With this proposed infusion by OPNX, the latter would subsequently command a significant 75% stake in Hodlnaut. As per the deal specifics disclosed by Bloomberg, creditors can expect a return of either 30% of their claims in tokens like FLEX or up to 95% from the available company assets, with the higher of the two amounts being the chosen payout.
An interesting note is the people behind OPNX. Mark Lamb and Sudhu Arumugam, founders of CoinFLEX exchange, are also at the helm of OPNX. Their new platform, OPNX, has positioned itself as a marketplace centered on crypto claims trading, fueled by the FLEX token. Another tie to the crypto world, Su Zhu and Kyle Davies, founders of the now-bankrupt hedge fund Three Arrows Capital, are associated with OPNX. These two individuals are currently navigating their own challenges, facing claims by creditors in the U.S. related to their bankruptcy woes.
The future of Hodlnaut remains uncertain. Only a few months ago, a predominant portion of its creditors leaned towards a total liquidation of the company. Reports show that more than half of the creditors, holding claims of nearly an equivalent to about $170 million, had shown a preference for liquidation over a restructuring attempt.
Comment 0