OPNX’s $30M Hodlnaut bid rejected as FLEX token plummets 90%: Report
The interim judicial managers of Hodlnaut argued that the $30 million offer of FLEX tokens is “illiquid” and has “speculative value.” The interim judicial managers of the collapsed cryptocurrency lender Hodlnaut have reportedly rejected the latest buyout deal amid the settlement token plummeting 90%. Hodlnaut administrators have opposed the takeover terms from cryptocurrency exchange OPNX, which was established by Kyle Davies and Su Zhu, the co-founders of failed hedge fund Three Arrows Capital (3AC). In a recent court filing, the interim managers argued that the $30 million offer of Flex (FLEX) token s is “illiquid” and has “speculative value,” Bloomberg reported on Sept. 19. A majority of Hodlnaut Group’s creditors accounting for 60% of the total debt amount also opposed the OPNX deal. The administrators referred to FLEX losing roughly 90% of value since OPNX made an offer to take over 75% of Hodlnaut in early August 2023. At the time of the proposal, FLEX traded at around $7. Acc...
