OPNX’s $30M Hodlnaut bid rejected as FLEX token plummets 90%: Report

The interim judicial managers of the collapsed cryptocurrency lender Hodlnaut person reportedly rejected the latest buyout woody amid the colony token plummeting 90%.

Hodlnaut administrators person opposed the takeover presumption from cryptocurrency speech OPNX, which was established by Kyle Davies and Su Zhu, the co-founders of failed hedge money Three Arrows Capital (3AC).

In a caller tribunal filing, the interim managers argued that the $30 cardinal connection of Flex (FLEX) tokens is “illiquid” and has “speculative value,” Bloomberg reported connected Sept. 19. A bulk of Hodlnaut Group’s creditors accounting for 60% of the full indebtedness magnitude besides opposed the OPNX deal.

The administrators referred to FLEX losing astir 90% of worth since OPNX made an connection to instrumentality implicit 75% of Hodlnaut successful aboriginal August 2023. At the clip of the proposal, FLEX traded astatine astir $7. According to information from CoinGecko, the Flex Coin is trading astatine $0.58 astatine the clip of writing.

Flex Coin (FLEX) 90-day terms chart. Source. CoinGecko

Apart from the concerns astir FLEX, Hodlnaut’s interim judicial managers were disquieted astir “no injection of currency oregon assets with akin liquidity,” implying large integer assets similar Bitcoin (BTC) oregon Ether (ETH). The managers were besides unsatisfied with OPNX providing nary timeline for repayment of creditors’ indebtedness and nary details of outgo beyond 30% of liabilities.

Related: Court approves merchantability of FTX integer assets, up to $3.4B worthy to beryllium unleashed

FLEX is the autochthonal token of the Coinflex exchange, which is intimately related to the OPNX level arsenic its founders Mark Lamb and Sudhu Arumugam besides participated successful the OPNX launch.

Coinflex suspended each withdrawals successful June 2022, with the CEO citing utmost marketplace conditions and “continued uncertainty involving a counterparty.” The speech filed for restructuring successful a Seychelles court arsenic it seeks to recover $84 cardinal successful losses from a ample idiosyncratic customer. Coinflex expects to officially cease operations connected Oct. 31, 2023, advising its customers to retreat each funds from the level by the shutdown date.

Collect this nonfiction arsenic an NFT to sphere this infinitesimal successful past and amusement your enactment for autarkic journalism successful the crypto space.

Magazine: Hall of Flame: Crypto lawyer Irina Heaver connected decease threats, suit predictions