NewsBTC
No Result
View All Result
  • Cryptocurrency News
    • Bitcoin News (BTC)
    • Ethereum News (ETH)
    • Ripple News (XRP)
    • Shiba Inu News (SHIB)
    • Cardano News (ADA)
    • Dogecoin News (DOGE)
    • Solana News (SOL)
    • Litecoin News (LTC)
    • Avalanche News (AVAX)
    • Polygon News (MATIC)
  • Crypto Prices
    • Binance Coin (BNB) Price
    • Bitcoin (BTC) Price
    • Cardano (ADA) Price
    • Chainlink (LINK) Price
    • Dogecoin (DOGE) Price
    • Ethereum (ETH) Price
    • Litecoin (LTC) Price
    • Polkadot (DOT) Price
  • Crypto Resources & Directory
  • All Crypto
  • Play GamesTry
  • CasinosTry
Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident
  • Cryptocurrency News
    • Bitcoin News (BTC)
    • Ethereum News (ETH)
    • Ripple News (XRP)
    • Shiba Inu News (SHIB)
    • Cardano News (ADA)
    • Dogecoin News (DOGE)
    • Solana News (SOL)
    • Litecoin News (LTC)
    • Avalanche News (AVAX)
    • Polygon News (MATIC)
  • Crypto Prices
    • Binance Coin (BNB) Price
    • Bitcoin (BTC) Price
    • Cardano (ADA) Price
    • Chainlink (LINK) Price
    • Dogecoin (DOGE) Price
    • Ethereum (ETH) Price
    • Litecoin (LTC) Price
    • Polkadot (DOT) Price
  • Crypto Resources & Directory
  • All Crypto
  • Play GamesTry
  • CasinosTry
Bitcoin News
No Result
View All Result
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

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

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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. 

Related Reading

Bitcoin

Bitcoin Rally Driven By Coinbase Users? Premium Would Say So

1 year ago

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.” 

Related Reading

Cryptoqueen lawyer OneCoin

Lawyer Involved In Cryptoqueen’s OneCoin Scam Receives Shocking Response From Court

1 year ago

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
Tweet123Share196ShareSend
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.

Close

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.

Related News

BTC Bitcoin

仮想通貨投資の注目銘柄:ビットコインが109,000ドル突破、BTC Bull Tokenが700万ドル調達でプレセール終了間近

ビットコインは現在急騰中で、6月13日時点で109,600ドルを記録し、日中3.8%の上昇を見せています。 この勢いの中で、新しいミームコイン「BTC Bull Token」が注目を集めています。プレ...

Yohei Hanazato 3 hours ago
Solaxyが次世代の隠れた仮想通貨プレセールプロジェクトである理由

仮想通貨 1000倍の可能性:Solaxyプレセールが4700万ドル突破、ローンチまで残り5日

Solaxy(SOLX)は現在、最終プレセールフェーズで4700万ドルを突破し、2025年で最も急速に資金調達を進めるプロジェクトの一つとなっています。この強い需要は、投資家がSolaxy(Solan...

Yohei Hanazato 3 hours ago
仮想通貨プレセール終了|SOLXの今後と初期投資家に訪れるチャンスとは?

ico 仮想通貨:SolaxyがFOMO加熱で4600万ドル突破、残り6日間のプレセールに注目集まる

週末にFOMO(取り残される恐怖)が一気に加速し、Solaxy($SOLX)のプレセールは4620万ドルを突破。投資家にとって残り6日間のカウントダウンが開始されました。 6月6日以降、140万ドル以...

Yohei Hanazato 3 hours ago
Load More

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

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

Related News

Hossa na rynku kryptowalut właśnie się zaczyna: najlepsze altcoiny do kupienia teraz

Zieliński Michał 1 hour ago

Solana ETF sú bližšie k schváleniu. Využite nárast SOL s týmto tokenom

Karol Paták 1 hour ago
Ethereum

アルトコインの代表格イーサリアム(ETH)の価格予測:4,000ドルに向かうのか?このチャートパターンが「YES」と示す理由

Yohei Hanazato 3 hours ago

Premium Sponsors

Top Brands

Press Releases

  • LandDAO to Bring Land NFTs Backed by Real-World Assets...

    2 hours ago
  • 仮想通貨プレセール終了|SOLXの今後と初期投資家に訪れるチャンスとは?

    ...

    3 hours ago
  • 仮想通貨おすすめ|初期段階で注目される次世代プロジェクト3選

    ...

    4 hours ago
  • Nový DeFi coin posílil o 76.6 %, zatímco Solana a Tron trpí kvůli tržní volatilitě

    Nový DeFi coin posílil o 76.6 %, zatímco Solana a Tron...

    4 hours ago
  • ...

    4 hours ago

Newsletter

Be the first to get the latest important crypto news & events to your inbox.

  • This field is for validation purposes and should be left unchanged.

About Us

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

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.

Company

  • About Us
  • Advertising
  • Contact Us
  • Privacy Center

Social

© 2025 NewsBTC. All Rights Reserved.

  • Cryptocurrency News
    • Bitcoin News (BTC)
    • Ethereum News (ETH)
    • Ripple News (XRP)
    • Shiba Inu News (SHIB)
    • Cardano News (ADA)
    • Dogecoin News (DOGE)
    • Solana News (SOL)
    • Litecoin News (LTC)
    • Avalanche News (AVAX)
    • Polygon News (MATIC)
  • Crypto Prices
    • Binance Coin (BNB) Price
    • Bitcoin (BTC) Price
    • Cardano (ADA) Price
    • Chainlink (LINK) Price
    • Dogecoin (DOGE) Price
    • Ethereum (ETH) Price
    • Litecoin (LTC) Price
    • Polkadot (DOT) Price
  • Crypto Resources & Directory
  • All Crypto
  • Play Games
  • Casinos
Advertise

© 2025 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.