Bloomberg learned about OPNX plans to absorb Hodlnaut


Exchange OPNX, founded by the co-founders of a bankrupt hedge fund 3AC Su Zhu and Kyle Davis want a majority stake in troubled crypto lending platform Hodlnaut. It is reported by Bloomberg.

According to the source of the agency, OPNX intends to invest $30 million worth of FLEX tokens in the firm “to finance a partial payment to creditors.” The latter must approve this plan.

Journalists noted that in case of a positive decision, the stock exchange will own 75% of Hodlnaut. Users will receive 30% of their claims in FLEX and other cryptocurrencies.

At the time of writing, the market capitalization of the token exceeds $702.5 million. The current price is $7.12.

Bloomberg learned about OPNX plans to absorb Hodlnaut
Data: Coin Market Cap.

On August 8, 2022, the Singapore-based crypto lending platform suspended withdrawals, swaps, and token deposits. Its representatives immediately went to court to protect themselves from creditors.

In order to cut costs, Hodlnaut laid off 80% of its employees. The company later admitted a capital shortfall of $193 million. Of this amount, almost $190 million is related to platform losses incurred as a result of the collapse of the Terra ecosystem.

In November, the Singapore police opened an investigation into the company and its management in connection with suspicions of deceit and fraud.

In early 2023, Hodlnaut announced the possibility of liquidation after the rejection of the proposed restructuring plan by creditors. In February, several potential buyers showed interest in acquiring the platform and its claims on bankrupt FTX, according to Bloomberg.

The plans of Davis and Zhu to raise $25 million to launch a cryptocurrency exchange with the active participation of representatives of the bankrupt CoinFLEX became known in January.

Later, Zhu announced the opening of a waiting list for admission to the platform. According to him, OPNX is a way to “redeem past mistakes.” Many community members met the project with skepticism and indignation.

In April, the crypto exchange team announced the official launch and announced the distribution of the FLEX token. Leslie Lamb, wife of former CoinFLEX CEO Mark Lamb, has taken over as CEO of OPNX. She later criticized investors who distanced themselves from the company.

Recall that in July, Davis promised to donate potential revenue from the new platform to 3AC creditors for the sake of “good karma.”

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