Crypto Lender Hodlnaut's OPNX Exchange Acquisition Hits Roadblocks


19 Sep 2023 3:30 PM

The embattled crypto lender Hodlnaut's creditors and interim judicial managers have rejected a $30 million takeover offer from OPNX....

  • Hodlnaut's takeover by the OPNX exchange is facing challenges as the interim judicial managers called the exchange's tokens "illiquid" and "speculative."
  • Hodlnaut administrators and over 60% of creditors have opposed the $30 million acquisition deal offered by OPNX.
  • The administrators believe that FLEX tokens, which would be used to fund the acquisition, have no liquidity and speculative value.
  • Other reasons for rejecting the deal include no injection of cash or assets with similar liquidity, no timeline for repayment of creditors' debt, and no details of payment beyond 30% of liabilities.
  • The FLEX token price has been volatile, experiencing a significant increase before crashing.

The sentiment in the article is negative, as the takeover deal is facing challenges and has been rejected by Hodlnaut administrators and creditors. The FLEX tokens are described as "illiquid" and having "speculative value," contributing to the negative sentiment.

Go to publisher site

You May Ask

Why are Hodlnaut administrators and creditors opposing the acquisition deal with OPNX?What are the concerns raised by the administrators regarding the FLEX tokens?What are the reasons mentioned in the court document for rejecting the deal?How has the FLEX token price been performing recently?What was the community's reaction when OPNX initially offered to acquire Hodlnaut?

Suggested Reads