OPNX Offers $30M Bailout on Distressed Crypto Firm Hodlnaut in FLEX Tokens
The OPNX exchange would own approximately 75 percent of the Hodlnaut exchange if the deal is approved by the court.
Distressed crypto holders who had their assets trapped in Singapore-based bankrupt firm Hodlnaut could soon have relief if the judicial system approves a bid to acquire the assets. According to a recent report by Bloomberg, a digital asset exchange dubbed OPNX, which is closely associated with the founders of failed crypto hedge fund Three Arrows Capital (3AC), is seeking to have the controlling share of Hodlnaut. Reportedly, the OPNX crypto exchange has offered to inject up to $30 million in FLEX tokens into Hodlnaut in a bid to offer the creditors a way out amid the court restructuring process.
Persons familiar with the matter told the media outlet that the OPNX exchange offer, which would see a 75 percent takeover, was submitted to the Singapore court after the interim judicial managers supervising Hodlnaut’s restructuring objected to the distressed company’s directors e-mailing the bid directly to its users.
Hodlnaut Potential Takeover by OPNX
The close relationship between CoinFlex exchange and OPNX was highlighted in April 2023 when the former halted all its operations to transition through the latter. Moreover, the FLEX token is associated with founders Mark Lamb and Sudhu Arumugam who started OPNX earlier this year. In the recent report, the dual highlighted the importance of the Hodlnaut acquisition in their portfolio for future growth prospects.
“We see a lot of potential in the Hodlnaut platform, and look forward to working closer with them,” Lamb noted.
If the Singapore court approves the acquisition bid of Hodlnaut by the OPNX crypto exchange, the creditors would get up to 30 percent of their claims in FLEX tokens and other tokens. In other terms, the Hodlnaut creditors would get a pro-rata payment of up to 95 percent of the total available corporate asset pool, whichever would be higher than the former.
Market Outlook
The FLEX token has gained more than 49 percent in the past week to trade around $6.97 on Monday. Additionally, the FLEX price has gained more than 1500 percent in the past year to a market capitalization of about $678 million. The relationship between FLEX and OPNX is strategic since the latter is used to trade crypto claims, especially for failed projects like FTX. As a result, the FLEX coin has gained more utility amid high crypto competition.
The buyout of Hodlnaut assets and loans could significantly help the distressed creditors who were locked out after the firm was liquidated by the implosion of Terra Luna UST stablecoins last year. Nonetheless, the acquisition deal stands to either be approved or rejected by the court in the coming weeks.
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