OPNX Exchange extends $30 million offer to acquire ailing crypto lender Hodlnaut

TL;DR Breakdown

  • Digital-asset exchange OPNX has submitted a $30 million offer in FLEX digital tokens to acquire a 75% stake in struggling crypto lender Hodlnaut, aiming to fund a partial creditor payout and finalize claims.
  • Both OPNX and Hodlnaut have faced legal challenges, including operating without a local license in Dubai and ongoing liquidation issues, adding complexity to the offer’s potential success.
  • The fate of Hodlnaut’s restructuring hangs in the balance as creditors and a Singapore court consider OPNX’s offer, leaving the final outcome uncertain in a situation already complicated by previous financial difficulties.

Description

Open Exchange (OPNX), a digital-asset exchange linked to the founders of Three Arrows Capital, which collapsed in 2022, has submitted an offer to take control of struggling crypto lender Hodlnaut. The restructuring of Hodlnaut is currently being overseen by a court in Singapore, and OPNX’s offer involves an injection of the equivalent of $30 million … Read more

Open Exchange (OPNX), a digital-asset exchange linked to the founders of Three Arrows Capital, which collapsed in 2022, has submitted an offer to take control of struggling crypto lender Hodlnaut. The restructuring of Hodlnaut is currently being overseen by a court in Singapore, and OPNX’s offer involves an injection of the equivalent of $30 million in FLEX digital tokens to fund a partial creditor payout and finalize claims.

FLEX, associated with the CoinFLEX exchange, has a market value of about $729 million and saw a trading volume of just $502,446 over the past 24 hours. The OPNX offer was submitted to the court after objections were raised over Hodlnaut’s directors emailing the bid directly to its users.

If the capital injection is approved, OPNX would own 75% of Hodlnaut, and creditors would receive 30% of their claims in FLEX and other tokens, or a pro-rata payment of up to 95% of the total available corporate asset pool, whichever is higher. Mark Lamb, one of the founders of OPNX, stated, “We see a lot of potential in the Hodlnaut platform and look forward to working closer with them.”

A tangled history and legal challenges

Hodlnaut, based in Singapore with operations in Hong Kong, suspended withdrawals a year ago before entering court-based restructuring. The founders had earlier proposed selling the business instead of liquidating the embattled firm. In January, key creditors rejected a restructuring plan in favor of liquidation.

The bid for Hodlnaut comes with further complications. OPNX’s founders, including Zhu and Davies, were reprimanded by authorities in Dubai for operating without the required local license. The liquidators of Three Arrows are seeking to recover $1.3 billion from Zhu and Davies, accusing them of failing to cooperate with their investigation.

Hodlnaut was one of many lenders affected by the financial difficulty following the Terra-LUNA collapse last year. While Hodlnaut’s founders convinced creditors that selling the firm would lead to better outcomes, the OPNX offer’s success remains uncertain.

Conclusion

The offer from OPNX to acquire Hodlnaut represents a complex twist in the ongoing saga of crypto lender Hodlnaut’s attempts to navigate through legal and financial challenges. With connections to the failed hedge fund Three Arrows Capital and its own legal issues, OPNX’s bid adds a new layer to an already intricate situation. Whether this offer leads to a revival for Hodlnaut or adds further complications will depend on the decisions of the Singapore court and the creditors involved.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

文章来源于互联网:OPNX Exchange extends $30 million offer to acquire ailing crypto lender Hodlnaut

Disclaimers:

1. You are solely responsible for your investment decisions and this info is not liable for any losses you may incur.

2. The copyright of this article belongs to the writer, it represents the writer's opinions only, not represents the site's ones. Not financial advice.

Previous 2023年8月7日 23:52
Next 2023年8月8日 00:47

Related articles

  • Binance Coin price analysis: BNB crashes by 7%

    TL;DR Breakdown Binance Coin price analysis is bearish today. BNB/USD is valued at $258.2 at the time of writing. The strongest resistance is present at $330.5. Binance Coin price analysis shows bearish momentum with further consistent opportunities. According to market analysis, the prevailing trend in the BNB market indicates a strong presence of bearish sentiment, which is expected to persist in the near future. This suggests a potential for further devaluation of BNB in the coming days. The bears have gained a solid foothold and may soon exert a significant influence on the overall market conditions. Additionally, the price of BNB has witnessed a substantial decline, dropping from $306.2 to $272.5. As of today, on June 7, 2022, the price has experienced an additional crash, reaching $256.4, with a daily high of $260 and a current value of $258.1. As of today, June 7, 2023, the price of Binance Coin (BNB) stands at $259.30, accompanied by a 24-hour trading volume of $2.48 billion. Its market capitalization is valued at $40.41 billion, representing a market dominance of 3.63%. Over the past…

    Article 2023年6月12日
  • Circle partners with Mercado Libre to introduce USDC in Chile

    TL;DR Breakdown Circle announces collaboration with Mercado Libre to introduce USDC in Chile. The integration will allow USDC accessibility to Mercado Pago users. Description In a strategic move towards enhancing the digital payments landscape, fintech powerhouse Circle has unveiled a groundbreaking partnership with e-commerce titan Mercado Libre on August 29th. The objective of this collaboration is to introduce the widely recognized USD Coin (USDC) stablecoin to the Mercado Pago online payment platform, a subsidiary of Mercado Libre. Circle CEO … Read more In a strategic move towards enhancing the digital payments landscape, fintech powerhouse Circle has unveiled a groundbreaking partnership with e-commerce titan Mercado Libre on August 29th. The objective of this collaboration is to introduce the widely recognized USD Coin (USDC) stablecoin to the Mercado Pago online payment platform, a subsidiary of Mercado Libre. Circle CEO enthusiastic about the project Circle CEO Jeremy Allaire took to X (formerly Twitter) to announce the alliance with enthusiasm, referring to Mercado Libre as the “Amazon of LATAM,” emphasizing the e-commerce giant’s reach of over 200 million users. The introduction of USD Coin…

    Article 2023年8月31日
  • BitGo cancels acquisition of Prime Trust amid uncertainty in crypto custodian landscape

    TL;DR Breakdown BitGo cancels its planned acquisition of Prime Trust, a crypto custodian, just two weeks after announcing the deal. Uncertainty surrounds Prime Trust as rumors of a cease and desist order and a bankruptcy filing by its subsidiary, Banq, emerge. Prime Trust suspends deposits and withdrawals, leaving customers in limbo, while BitGo emphasizes its commitment to trust in digital assets. Description BitGo, a digital asset custodian, has announced the termination of its planned acquisition of Prime Trust, a crypto custodian. The decision comes just two weeks after BitGo shared its non-binding letter of intent to acquire Prime Trust, citing significant efforts to find a way forward with the company. The cancellation raises questions about the future … Read more BitGo, a digital asset custodian, has announced the termination of its planned acquisition of Prime Trust, a crypto custodian. The decision comes just two weeks after BitGo shared its non-binding letter of intent to acquire Prime Trust, citing significant efforts to find a way forward with the company. The cancellation raises questions about the future of both firms and the…

    Article 2023年6月25日
  • Crypto gaming sector hits record $297 million in investments in July

    TL;DR Breakdown The crypto gaming industry attracted a massive record $297 million investment in July. Fluctuations and the growing momentum in the crypto gaming sector. Description The crypto gaming industry, encompassing games utilizing blockchain-based tokens or NFTs, experienced a remarkable influx of investment last month, securing a collective total of $297 million, according to a collaborative report by DappRadar and the Blockchain Game Alliance. A significant 63% of the funding directed towards the sector in July was allocated to infrastructure development, … Read more The crypto gaming industry, encompassing games utilizing blockchain-based tokens or NFTs, experienced a remarkable influx of investment last month, securing a collective total of $297 million, according to a collaborative report by DappRadar and the Blockchain Game Alliance. A significant 63% of the funding directed towards the sector in July was allocated to infrastructure development, underscoring the industry’s nascent stage of growth. The crypto gaming sector secured $297 million in funding Investors are banking on tools and platforms that will facilitate the emergence of future crypto and NFT-driven games. July’s investment surge stands in stark contrast…

    Article 2023年8月12日
  • Why PayPal’s stablecoin is about to become a big deal

    Description When PayPal recently unveiled its newest crypto brainchild, PayPal USD, the financial world took a collective breath. While memories of Facebook’s ill-fated Libra still hang heavy in the air, there’s something distinctly different this time. This isn’t just another stablecoin announcement. This is a seismic shift, and here’s why. PayPal’s Leg-up Over Past Failures Facebook’s … Read more When PayPal recently unveiled its newest crypto brainchild, PayPal USD, the financial world took a collective breath. While memories of Facebook’s ill-fated Libra still hang heavy in the air, there’s something distinctly different this time. This isn’t just another stablecoin announcement. This is a seismic shift, and here’s why. PayPal’s Leg-up Over Past Failures Facebook’s Libra stumbled largely because the world wasn’t ready for it. Policymakers blinked in surprise, unsure how to regulate this audacious attempt at creating a global currency. The concern wasn’t entirely unfounded. Facebook, with its vast global reach and its myriad of controversies ranging from privacy breaches to election meddling, was seen as a wildcard. Could we really trust such an entity with our money? Enter PayPal,…

    Article 2023年8月22日
TOP