The OPNX trade would personal roughly 75 % of the Hodlnaut trade if the deal is accredited by the courtroom.
Distressed crypto holders who had their property trapped in Singapore-based bankrupt agency Hodlnaut might quickly have aid if the judicial system approves a bid to amass the property. In response to a current report by Bloomberg, a digital asset trade dubbed OPNX, which is intently related to the founders of failed crypto hedge fund Three Arrows Capital (3AC), is in search of to have the controlling share of Hodlnaut. Reportedly, the OPNX crypto trade has supplied to inject as much as $30 million in FLEX tokens into Hodlnaut in a bid to supply the collectors a approach out amid the courtroom restructuring course of.
Individuals conversant in the matter advised the media outlet that the OPNX trade supply, which might see a 75 % takeover, was submitted to the Singapore courtroom after the interim judicial managers supervising Hodlnaut’s restructuring objected to the distressed firm’s administrators e-mailing the bid on to its customers.
Hodlnaut Potential Takeover by OPNX
The shut relationship between CoinFlex trade and OPNX was highlighted in April 2023 when the previous halted all its operations to transition by way of the latter. Furthermore, the FLEX token is related to founders Mark Lamb and Sudhu Arumugam who began OPNX earlier this 12 months. Within the current report, the twin highlighted the significance of the Hodlnaut acquisition of their portfolio for future development prospects.
“We see numerous potential within the Hodlnaut platform, and sit up for working nearer with them,” Lamb famous.
If the Singapore courtroom approves the acquisition bid of Hodlnaut by the OPNX crypto trade, the collectors would rise up to 30 % of their claims in FLEX tokens and different tokens. In different phrases, the Hodlnaut collectors would get a pro-rata fee of as much as 95 % of the full obtainable company asset pool, whichever could be larger than the previous.
Market Outlook
The FLEX token has gained greater than 49 % up to now week to commerce round $6.97 on Monday. Moreover, the FLEX value has gained greater than 1500 % up to now 12 months to a market capitalization of about $678 million. The connection between FLEX and OPNX is strategic because the latter is used to commerce crypto claims, particularly for failed tasks like FTX. Because of this, the FLEX coin has gained extra utility amid excessive crypto competitors.
The buyout of Hodlnaut property and loans might considerably assist the distressed collectors who had been locked out after the agency was liquidated by the implosion of Terra Luna UST stablecoins final 12 months. Nonetheless, the acquisition deal stands to both be accredited or rejected by the courtroom within the coming weeks.
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