Citing a term sheet, Bloomberg reported that the deal would result in OPNX owning 75% of Hodlnaut.
The plan is subject to the approval of Hodlnaut's creditors. If the plan is approved, then users would receive 30% of their claim in FLEX and other cryptocurrencies, Bloomberg's report adds.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.
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.OPNX was born out of a partnership with Zhu and Davies as well as Mark Lamb, the co-founder of CoinFlex.
OPNX's volumes are paltry, with the firm only turning over $116,000 worth of cryptocurrency over the last 24-hours, according to© 2023 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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