The interim judicial manager of collapsed cryptocurrency lender Hodlnaut has reportedly rejected the latest takeover deal amid a 90% plunge in settlement tokens.
Hodlnaut executives are objecting to the terms of the acquisition of cryptocurrency exchange OPNX, which was founded by Kyle Davies and Su Zhu, co-founders of failed hedge fund Three Arrows Capital (3AC).
Bloomberg said in a recent court filing that the interim administrator believed a $30 million Flex (FLEX) token offer was “illiquid” and had “speculative value.” report On September 19, the majority of creditors, which accounted for 60% of Hodlnaut Group’s total debt, also opposed the OPNX transaction.
Managers mentioned that FLEX has lost approximately 90% of its value since OPNX made an offer to acquire 75% of Hodlnaut in early August 2023. At the time of the acquisition proposal, FLEX was trading at around $7. according to At the time of writing, Flex Coin was trading at $0.58, according to CoinGecko.
In addition to concerns about FLEX, Hodlnaut’s interim judicial administrators are also concerned that “there will not be an infusion of cash or similarly liquid assets,” meaning major digital assets such as Bitcoin (BTC) or Ethereum (ETH). Administrators were also dissatisfied with OPNX’s failure to provide creditor debt repayment schedules and details of payments exceeding 30% of liabilities.
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FLEX is the native token of Coinflex exchange and is closely related to the OPNX platform. Its founders Mark Lamb and Sudhu Arumugam also participated in the release of OPNX.
Coinflex suspended all withdrawals in June 2022, with the CEO citing extreme market conditions and “continued counterparty uncertainty.” The exchange applied to a Seychelles court for restructuring, seeking to recover $84 million in losses from large individual clients.Coinflex expect Operations will officially cease on October 31, 2023, and customers are advised to withdraw all funds from the platform before the closure date.
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