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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Hodlnaut Refuses OPNX’s $30 Million Offer After FLEX Token Declines By 90%

Opeyemi Sule
Opeyemi Sule
1 year ago
3 mins read
Hodlnaut

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According to the latest report, the interim judicial managers of beleaguered crypto lender Hodlnaut have rejected the latest acquisition bid proposed by OPNX. The OPNX exchange, affiliated with the founders of collapsed hedge fund Three Arrows Capital (3AC), offered to buy a significant 75% ownership stake in troubled Hodlnaut in August 2023.

Holdnaut, a Singapore-based crypto lender, was another of the numerous victims of the financial crisis that rocked the crypto space in 2022. The crypto company had to halt withdrawals after losing around $190 million to the Terra ecosystem’s crash.

Hodlnaut Says $30 Million Offer Has “Speculative Value”

According to a recent court filing reviewed by Bloomberg, Hodlnaut administrators have opted out of the acquisition deal of the crypto lending firm, arguing that the $30 million offer of FLEX tokens is “illiquid” and has “speculative value.”

Meanwhile, most of the crypto lender’s creditors, who account for 60% of the total debt, supported this decision. In the report, Bloomberg alluded that the FLEX price has declined by more than 92% since OPNX made the acquisition bid in early August. According to CoinGecko data, the FLEX token was valued at roughly $7 at the time of the offer. 

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The cryptocurrency has been subject to extreme volatility lately, prompting its rise to $2.48 on Monday, September 18. However, the FLEX Coin has since undergone a significant price correction, with its current value at $0.584586.

FLEX is the native cryptocurrency of the CoinFLEX exchange, which stopped withdrawals and filed for restructuring in June 2022. OPNX was launched by CoinFLEX founders Mark Lamb and Sudhu Arumugam, explaining the connection between the OPNX exchange and the FLEX token.

Other Reasons For Rejecting OPNX’s Takeover Bid

Besides the concerns about the FLEX token and its “speculative value,” the Hodlnaut administrators put forward other questions on the OPNX’s $30 million offer. One of these issues is the “no injection of cash or assets with similar liquidity.”

Bloomberg revealed that the administrators implied liquid tokens such as Bitcoin and Ether. The court-appointed interim managers also questioned the absence of “a timeline for repayment of creditors’ debt” and that there were “no details of payment beyond 30% of liabilities.” 

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It is worth noting that the involvement of the embattled Three Arrows Capital founders, Kyle Davies and Su Zhu, in OPNX’s takeover bid has always been a source of worry. Davies and Zhu are in a legal battle with 3AC creditors in the United States.

The Three Arrows Capital founders have also faced troubles outside the United States, with the Monetary Authority of Singapore (MAS) recently issuing a 9-year ban against them. This directive prohibits Davies and Zhu from engaging in regulated business activities in the Southeast Asian country.

Hodlnaut

The cryptocurrency total market cap on the daily timeframe | Source: TOTAL chart on TradingView
Featured image from Medium, chart from TradingView
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Opeyemi Sule
Opeyemi Sule

Opeyemi Sule

Opeyemi is a proficient writer and enthusiast in the exciting and unique cryptocurrency realm. While the digital asset industry was not his first choice, he has remained absolutely drawn since making a foray into the space over two years. Now, Opeyemi takes pride in creating unique pieces unraveling the complexities of blockchain technology and sharing insights on the latest trends in the world of cryptocurrencies.

Read more

Opeyemi savors his attraction to the crypto market, which explains why he spends the better parts of his day looking through different price charts. “Looking” is a rather simple way to describe analyzing and interpreting various price patterns and chart formations. However, it appears that is not Opeyemi’s favorite part - in fact, far from it.

Being able to connect what happens on a price chart to on-chain movements and blockchain activities is what keeps Opeyemi ticking. “This emphasizes the intricacies of blockchain technology and the cryptocurrency market,” he would say. Most importantly, Opeyemi thinks of any market insights as the gospel, while recognizing that he is only a messenger.

When he is not clicking away at his keyboard, Opeyemi is most definitely listening to music, playing games, reading a book, or scrolling through X. He likes to think he is not loyal to a particular genre of music, which can be true on many days. However, the fast-rising Afrobeats genre is a staple in Opeyemi’s Spotify Daily Mix.

Meanwhile, Opeyemi is a voracious reader who enjoys a wide category of books - ranging from science fiction, fantasy, and historical, to even romance. He believes that authors like George R. R. Martin and J. K.
Rowling are the greatest of all time when it comes to putting pen to paper. Opeyemi believes his reading of the Harry Potter series twice is proof of that.

Indeed, Opeyemi enjoys spending most of his time within the four walls of his home. However, he also sometimes finds solace in the company of his friends at a bar, a restaurant, or even on a stroll. In essence, Opeyemi’s ambivert (haha! been searching for an opportunity to use the word to describe myself) nature makes him a social chameleon who is able to quickly adapt to different settings.

Opeyemi recognizes the need to constantly develop oneself in order to stay afloat in a competitive and ever-evolving market like crypto. For this reason, he is always in learning mode, ready to pick up the slightest lesson from every situation. Opeyemi is efficient and likes to deliver all that is required of him in time - he believes that “whatever is worth doing at all is worth doing well.” Hence, you will always find him striving to be better.

Ultimately, Opeyemi is a good writer and an even better person who is trying to shed light on an exciting world phenomenon - cryptocurrency. He goes to bed every day with a smile of satisfaction on his face, knowing that he has done his bit of the holy assignment - spreading the crypto gospel to the rest of the world.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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