FLEX

Bitcoin

Davies

Coin

<div class="sg-post-des">
 The interim judicial managers of Hodlnaut argued that the $30 million offer of FLEX tokens is “illiquid” and has “speculative value.” 
</div>
<div class="cointelegraph">
 The interim judicial managers of the collapsed cryptocurrency lender Hodlnaut have reportedly <a rel="dofollow" title="rejected" href="https://thebittimes.com/tag/rejected.html">rejected</a> the latest buyout deal amid the settlement <a rel="dofollow" title="token" href="https://thebittimes.com/tag/token.html">token</a> 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) <a rel="dofollow" title="token" href="https://thebittimes.com/tag/token.html">token</a>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. According to data from CoinGecko, the Flex Coin is trading at $0.58 at the time of writing.
 <figure>
 <img src="https://cdn.thebittimes.com/images/2023/09/19/38a073132082edfac782c72aa431ccac.webp">
 <figcaption style="text-align: center;">
 Flex Coin (FLEX) 90-day price chart. Source. CoinGecko
 </figcaption>
 </figure>
 Apart from the concerns around FLEX, Hodlnaut’s interim judicial managers were worried about “no injection of cash or assets with similar liquidity,” implying major digital assets like Bitcoin (BTC) or Ether (ETH). The managers were also unsatisfied with OPNX providing no timeline for repayment of creditors’ debt and no details of payment beyond 30% of liabilities.
 Related: Court approves sale of FTX digital assets, up to $3.4B worth to be unleashed
 FLEX is the native <a rel="dofollow" title="token" href="https://thebittimes.com/tag/token.html">token</a> of the Coinflex exchange, which is closely related to the OPNX platform as its founders Mark Lamb and Sudhu Arumugam also participated in the OPNX launch.
 Coinflex suspended all withdrawals in June 2022, with the CEO citing extreme market conditions and “continued uncertainty involving a counterparty.” The exchange filed for restructuring in a Seychelles court as it seeks to recover $84 million in losses from a large individual customer. Coinflex&nbsp;expects&nbsp;to officially cease operations on Oct. 31, 2023, advising its customers to withdraw all funds from the platform by the shutdown date.
 Magazine: Hall of Flame: Crypto lawyer Irina Heaver on death threats, lawsuit predictions
 <template data-name="subscription_form" data-type="defi_newsletter"></template>
</div>
Source: <a rel="dofollow" target="_blank" href="https://thebittimes.com/opnx-s-30m-hodlnaut-bid-rejected-as-flex-token-plummets-90-report-tbt63240.html">https://thebittimes.com/opnx-s-30m-hodlnaut-bid-rejected-as-flex-token-plummets-90-report-tbt63240.html</a>

OPNX’s $30M Hodlnaut bid rejected as FLEX token plummets 90%: Report

TheBitTimes

Ďalšie články zverejnené 19. 9. 2023

From Legacy to Lively: Cardano (ADA) and Tezos (XTZ) Investors Warm Up to Pomerdoge (POMD) ‘s P2E...

WAGMI Games Takes Center Stage in Crypto’s First Reality TV Show ‘The Next Crypto Gem’

Kuwa Oracle migration to V2

Binance faces increased SEC scrutiny as executives depart

SEC Faces Setback in Quest for Binance.US Software Access

Ethereum Faces Crucial Resistance at $1,670, but Bulls Remain Hopeful

Pripojte sa k nášmu bezplatnému bulletinu a získajte denné aktualizácie kryptomien!