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OPNX Aims to Acquire Hodlnaut
The cryptocurrency exchange OPNX has tabled an offer to take over crypto lender Hodlnaut, which is undergoing a restructuring plan under the supervision of a Singapore court.
OPNX offered $30 million in FLEX to partially offset the creditors’ losses and cover their claims. If the bid is approved by the court and accepted by creditors, OPNX will own a 75% stake in Hodlnaut. Hodlnaut controversy: OPNX's proposal sparks backlash
Following a probe by the Twitter user OnchainPenguin, a dubious $9.5 million transaction was tied to a fresh acquisition proposal.
The inflow to Hodlnaut's wallet was 2221 times higher than the average. Insights from OnchainPenguin pinpoint this account as the source of rewards to OPNX’s leadership.
It seems that Hodlnaut's funds were in some way supporting OPNX's functional outlays,and the trading platform's chiefs might be on a mission to save the virtual currencies FLEX and OX. There's a looming risk that these tokens could nosedive in value if Hodlnaut opts to liquidate its possessions to repay its lenders. OPNX: A Groundbreaking Exchange with $1.26 Trading Volume
The highly anticipated bankruptcy claims exchange OPNX, co-founded by former Three Arrows Capital (3AC) managers Kyle Davies and Su Zhu, made a grand entrance on Tuesday—boasting a staggering $1.26 trading volume across all spot and derivatives markets. The exchange's native token, FLEX, is down by 28% in the past 24 hours. 1 - 4 of 4 results