FLEX

Read

Davies

Dubai

<div class="cryptonews"> 
 <p class="is-style-lead">Founders of the defunct hedge fund Three Arrows Capital (3AC) are actively promoting their newly launched digital asset <a rel="noopener noreferrer nofollow" title="exchange" href="https://thebittimes.com/tag/exchange.html">exchange</a>, OPNX, as they seek to <a rel="noopener noreferrer nofollow" title="acquire" href="https://thebittimes.com/tag/acquire.html">acquire</a> struggling cryptocurrency lender Hodlnaut.</p> 
 <p>OPNX aims to rescue Hodlnaut with an infusion of funds amounting to $30 million in FLEX digital tokens traded on the CoinFlex <a rel="noopener noreferrer nofollow" title="exchange" href="https://thebittimes.com/tag/exchange.html">exchange</a>. </p> 
 <p>Hodlnaut, which operates in Singapore and Hong Kong, has been undergoing a court-monitored reorganization due to financial troubles.</p> 
 <p>The tokens, owned by OPNX co-founders Mark Lamb and Sudhu Arumugam, will facilitate a partial payout to creditors, effectively concluding their claims.</p> 
 <p>According to 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. </p> 
 <p>Creditors could receive up to 95% of the available corporate assets if they support the scheme.</p> 
 <p>Meanwhile, OPNX founders Su Zhu and Kyle Davies have been promoting the <a rel="noopener noreferrer nofollow" title="exchange" href="https://thebittimes.com/tag/exchange.html">exchange</a>, but are not involved in the day-to-day operations.</p> 
 <div class="cn-block-related-link"> 
  <svg class="cn-block-related-link__icon icon" aria-hidden="true"> <use xlink:href="#"></use> 
  </svg> <span class="cn-block-related-link__prefix"> You might also like: </span> Dubai crypto regulator sends reprimand letter to OPNX founders 
 </div> 
 <h2 class="wp-block-heading" id="a-look-back-at-hodlnaut">A look back at Hodlnaut</h2> 
 <p>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. </p> 
 <p>The company’s founders, Simon Lee, and Zhu Juntao, initially proposed selling the firm to creditors as an alternative to liquidation, but key creditors opted for the latter in January.</p> 
 <p>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 3AC. The liquidators are pursuing the two founders for $1.3 billion in alleged losses leading up to the hedge fund’s collapse.</p> 
 <p>Hodlnaut has yet to respond to the acquisition proposal. Comments from the judicial management overseeing the reorganization are yet to be received.<br></p> 
 <div class="cn-block-related-link"> 
  <svg class="cn-block-related-link__icon icon" aria-hidden="true"> <use xlink:href="#"></use> 
  </svg> <span class="cn-block-related-link__prefix"> Read more: </span> 3AC Ventures to fund OPNX development 
 </div> <span class="google-news-banner__label">Follow Us on Google News</span> 
</div>

3AC-linked exchange bids $30m to acquire troubled Holdnaut

Table of Contents

TheBitTimes

Other articles published on Aug 6, 2023

Why Is API3 Pumping Today? Are You Late To Buy In Right Now?

Will BDX Stock (NYSE: BDX) Price Rebound From 20 Day EMA?

GALA’s Price Surge Attracts Investors; Top Crypto Analyst Identifies Next Resistance Level – Here...

Ripple’s Price Sways but Deaton Holds Hope for a Bullish Future

XRP Holds Above $0.61 And Regains Upward Momentum

Shiba Inu Lead Shytoshi Kusama Explains New Identity Tech's Impact on Shibarium

Join our free newsletter for daily crypto updates!