OPNX bids for beleaguered lender Hodlnaut: Bloomberg
OPNX has reportedly made a bid to takeover beleaguered lending firm Hodlnaut, according to a report by Bloomberg News. OPNX, which is backed by Three Arrows Capital co-founders Su Zhu and Kyle Davies, has offered to inject $30 million worth of FLEX tokens into the firm to finance a partial payout to creditors, according to the report. Citing a term sheet, Bloomberg reported that the deal would result in OPNX owning 75% of Hodlnaut.
Based in Singapore, Hodlnaut was among the several victims of crypto's 2022 credit crisis which resulted in the bankruptcy of a wide-range of lenders including BlockFi, Voyager Digital, and Three Arrows Capital. As for Hodlnaut, the firm halted withdrawals in August 2022 after it lost about $190 million in the aftermath of the crash of Terra Luna. The firm was placed under creditor protection by Singapore's High Court at the end of August 2022. Three Arrows sought protection from creditors in July 2022 under Chapter 15 bankruptcy protection. The petition was filed in the U.S. Southern District of New York. Meanwhile, Three Arrows' liquidators are seeking more than $1 billion from Zhu and Davies.
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