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Founders of the defunct hedge fund Three Arrows Capital are actively promoting their newly launched digital asset exchange, OPNX, as they seek to acquire struggling cryptocurrency lender Hodlnaut. 
OPNX aims to rescue Hodlnaut with an infusion of funds amounting to $30 million in FLEX digital tokens traded on the CoinFlex exchange. 
Hodlnaut, which operates in Singapore and Hong Kong, has been undergoing a court-monitored reorganization due to financial troubles. 
The tokens, owned by OPNX co-founders Mark Lamb and Sudhu Arumugam, will facilitate a partial payout to creditors, effectively concluding their claims. 
According <a href="https://www.bloomberg.com/news/articles/2023-08-06/opnx-exchange-touted-by-three-arrows-founders-bids-for-hodlnaut?utm_source=twitter&amp;utm_medium=social&amp;utm_content=crypto&amp;utm_campaign=socialflow-organic" target="_blank" rel="noopener noreferrer nofollow">to</a> Bloomberg News, the term sheet reveals that after the capital injection, OPNX would gain a 75% ownership stake in Hodlnaut. The remaining 30% would consist of various tokens representing creditors’ claims. The bid is contingent on the creditors’ approval. 
Creditors could receive up to 95% of the available corporate assets if they support the scheme. 
Meanwhile, OPNX founders Su Zhu and Kyle Davies have been actively promoting the exchange, but are not involved in the day-to-day operations. 
 You might also like: <a href="https://crypto.news/dubai-crypto-regulator-sends-reprimand-letter-to-opnx-founders/" rel="noopener noreferrer nofollow"> Dubai crypto regulator sends reprimand letter to OPNX founders </a> 
<h2 class="wp-block-heading" id="a-look-back-at-hodlnaut">A look back at Hodlnaut</h2> 
Hodlnaut’s troubles date back to a year ago, when it faced financial difficulties and was forced to suspend withdrawals. This lead to an ongoing court-based reorganization. 
The company’s founders, Simon Lee, and Zhu Juntao, initially <a href="https://crypto.news/troubled-crypto-lender-hodlnaut-in-talks-with-potential-buyers/" rel="noopener noreferrer nofollow">proposed selling the firm</a> to creditors as an alternative to liquidation, but key creditors opted for the latter in January. 
OPNX’s bid is a glimmer of hope for Hodlnaut’s future, but it comes at a time when Zhu and Davies are facing legal challenges from the liquidators of Three Arrows Capital. The liquidators are pursuing the two founders for $1.3 billion in alleged losses leading up to the hedge fund’s collapse. 
Hodlnaut has yet to respond to the acquisition proposal. Comments from the judicial management overseeing the reorganization are yet to be received. 
 Read more: <a href="https://crypto.news/3ac-ventures-to-fund-opnx-development/" rel="noopener noreferrer nofollow"> 3AC Ventures to fund OPNX development </a>

3AC founders bid $30m to acquire troubled Holdnaut

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