Cryptocurrency lender Hodlnaut appears to have found a potential investor to facilitate its exit from bankruptcy proceedings. As reported by Bloomberg, the OPNX exchange has extended an offer to acquire over 75% of Hodlnaut's shares. This proposed deal would inject nearly $30 million worth of FLEX tokens into Hodlnaut, which would be used to partially fulfill creditor payments and outstanding claims. The current trading value of FLEX tokens is around $7.16, based on CoinMarketCap data. Hodlnaut's bankruptcy restructuring process is being overseen by Singapore an courts.
Should the creditors give their approval, OPNX would become the majority owner of Hodlnaut after the capital infusion. Creditors would receive 30% of their claims in FLEX tokens and other tokens, or an amount proportionate to up to 95% of the available corporate as set pool , depending on whichever is higher. Lam, a representative of OPNX, expressed optimism about Hodlnaut's potential and the desire to collaborate more closely. FLEX is the native token of CoinFLEX, an exchange established by Mark Lamb and Sudhu Arumugam. These individuals are also co -founders of OPNX, a newly developed crypto claims exchange powered by the FLEX token. Notably, Su Zhu and Kyle Davis, founders of the stressed hedge fund Three Arrows Capital, are also co-founders of OPNX.
The willingness of creditors to accept this deal remains uncertain. Earlier, a majority of Hodlnaut's creditors had indicated a preference for the liquidation of the company in April. Representing about 55.38% of creditors, they sought liquidation over reorganization, claiming approximately S$228.3 million ( around $170 million), according to a statement from the Interim Judicial Manager. This communication mentioned that new sources of funding hadn't been identified at that time. Hodlnaut suspended withdrawals in August 2022 due to a liquidity crisis. Under Singaporean law , the company has been temporarily protected from legal actions and has aimed to prevent forced liquidation of assets, which could lead to the sale of users' cryptocurrencies at suppressed prices.
