OPNX exchange bids for crypto lender Hodlnaut in Singapore

Crypto lending institution Hodlnaut appears to have discovered a white knight investor to leave its personal bankruptcy procedures. According to a Bloomberg report, OPNX exchange has made a deal to take control of 75% of the company.The deal would see a capital injection of almost $30 million worth of FLEX tokens into Hodlnaut to partially cover financial institutions payment and exceptional claims. According to CoinMarketCap, FLEX is trading at $7.16 as of this writing, bringing the capital injection to almost $215 million. Hodlnauts restructuring is being supervised by a Singapore court.If approved by the lenders, OPNX would own 75% of Hodlnaut after the infusion of capital. Creditors would get 30% of their claims in FLEX and other tokens, or a pro-rata payment of approximately 95% of the available corporate asset swimming pool, whichever is greater, according to documents seen by Bloomblerg.FLEX token efficiency. Source: CoinMarketCap.FLEX is the native token of the CoinFLEX exchange, which was established by Mark Lamb and Sudhu Arumugam, who were likewise co-founders of OPNX, a brand-new marketplace for crypto declares trading. The platform is also powered by the FLEX token. Other co-founders of OPNX included Su Zhu and Kyle Davies, likewise creators of insolvent hedge fund Three Arrows Capital (3AC). Zhu and Davies are being chased by creditors in the United States over their dragging insolvency proceedingsIts uncertain if the lenders will accept the deal. In April, most of Hodlnauts creditors revealed their desire to liquidate the business. According to a letter from the interim judicial supervisor (IJM), users representing around 55.38% of financial institutions, with claims of 228.3 million Singapore dollars (about $170 million), have shown they would favor liquidation over restructuring. At the time, no source of fresh capital had been found, the letter kept in mind. “We see a lot of potential in the Hodlnaut platform and look forward to working better with them,” Lam told Bloomberg in an e-mail. Hodlnaut stopped withdrawals in August 2022 as an outcome of a liquidity crisis. Because then, it has been under judicial management, under Singaporean law, which briefly protected it from legal action. “We are intending to avoid a forced liquidation of our assets as it […] will require us to offer our users cryptocurrencies such as BTC, ETH and WBTC at these existing depressed property prices,” the company said at the time.Magazine: Deposit risk: What do crypto exchanges truly finish with your money?

According to a Bloomberg report, OPNX exchange has actually made an offer to take over 75% of the company.The offer would see a capital injection of nearly $30 million worth of FLEX tokens into Hodlnaut to partially cover creditors payment and outstanding claims. Hodlnauts restructuring is being managed by a Singapore court.If approved by the creditors, OPNX would own 75% of Hodlnaut after the infusion of capital. Zhu and Davies are being chased after by financial institutions in the United States over their dragging bankruptcy proceedingsIts uncertain if the creditors will accept the offer.