In a potential breakthrough for the beleaguered crypto lender Hodlnaut, reports suggest that OPNX exchange has stepped forward as a white knight investor to facilitate the company’s exit from bankruptcy proceedings. The proposed deal involves a significant capital injection of approximately $30 million worth of FLEX tokens into Hodlnaut to address creditors’ payout and outstanding claims.

OPNX Exchange Bids for Crypto Lender Hodlnaut

If approved, the deal would bring a much-needed lifeline to Hodlnaut. This would be with the infusion of nearly $30 million worth of FLEX tokens. Furthermore, the substantial capital injection is aimed at partially covering the creditors’ payout and outstanding claims. This will further provide them with a measure of relief amid the ongoing bankruptcy proceedings.

Notably, the proposal by OPNX exchange entails taking over 75% ownership of Hodlnaut. This will effectively solidify their position as the majority stakeholder in the company. This move could usher in a new era of stability and growth for Hodlnaut, under the management and guidance of OPNX.

Hodlnaut logo and Bitcoin

Creditors’ Approval and Compensation

The fate of the deal rests in the hands of Hodlnaut’s creditors, who must give their approval for it to move forward. According to the documents seen by Bloomberg, creditors would have the option to receive 30% of their claims in FLEX and other tokens, or a pro-rata payment of up to 95% of the available corporate asset pool, whichever is higher.

Despite the potential benefits of the deal, the ultimate acceptance by Hodlnaut’s creditors remains uncertain. Previously, a significant majority of creditors expressed their preference for liquidation over restructuring. The decision-making process hinges on weighing the merits of the proposed deal against other available options.

OPNX’s Confidence in Hodlnaut

Notably, OPNX exchange has expressed confidence in the potential of the Hodlnaut platform and has eagerly anticipated a closer working relationship with the company. This optimism bodes well for the future prospects of Hodlnaut, as it gains the support of a reputable player in the crypto market.

The native token of the CoinFLEX exchange, FLEX, serves as a fundamental component of the proposed deal. CoinFLEX was founded by Mark Lamb and Sudhu Arumugam, who are also co-founders of OPNX. This intricate connection between the entities strengthens the foundation of the proposed acquisition.

A graph of flex token performance on CoinMarketCap

Hodlnaut’s Turbulent Journey

The path to this potential acquisition has not been smooth for Hodlnaut. Since the liquidity crisis in August 2022, the company has been navigating bankruptcy proceedings under the protection of Singaporean law. This challenging period has necessitated a search for fresh capital to alleviate the financial strain.

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