1 year ago
According to a caller tribunal filing, interim judicial managers for the troubled crypto lender Hodlnaut reason a takeover by the crypto steadfast OPNX, which is linked to the now-defunct crypto hedge money Three Arrows Capital and its founders.
OPNX Takeover Faces Resistance from Hodlnaut’s Judicial Management
On September 19, 2023, Bloomberg’s Suvashree Ghosh reported connected a caller tribunal filing stating that Hodlnaut’s judicial managers reason a OPNX takeover deal. Hodlnaut, a crypto lender, halted withdrawals successful August 2023, citing deteriorating marketplace conditions. A week later, Hodlnaut sought judicial absorption to rehabilitate the company.
Court filings showed Hodlnaut faced a shortfall of astir $193 million. A important information of the company’s losses came from the diminution of Terra. OPNX, a crypto-centric speech allowing users to commercialized claims of bankrupt crypto firms, was founded by Three Arrows Capital‘s Kyle Davies and Su Zhu. The Bloomberg study mentioned that property administrators allege the judicial managers deem a $30 cardinal outgo successful FLEX tokens arsenic “illiquid.”
The study indicates that 60% of Hodlnaut’s creditors reason the deal, but neither the firm’s interim judicial managers nor OPNX offered comments. This quality comes aft Zhu and Davies were barred from participating successful regulated fiscal activities successful Singapore for 9 years. Additionally, connected August 16, Dubai’s Virtual Asset Regulatory Authority (VARA) fined OPNX.
What bash you deliberation astir Hodlnaut’s creditors and interim judicial managers opposing the OPNX deal? Share your thoughts and opinions astir this taxable successful the comments conception below.
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