OPNX’s $30M Hodlnaut bid rejected as FLEX token plummets 90%: Report


19 Sep 2023 1:16 PM

Hodlnaut’s interim judicial managers have reportedly rejected the $30 million buyout offer by OPNX amid the Flex Coin plummeting 90%. ...

  • The interim judicial managers of Hodlnaut, a collapsed cryptocurrency lender, have rejected a buyout deal from cryptocurrency exchange OPNX.
  • The buyout deal involved offering Flex (FLEX) tokens, which have lost 90% of their value since the offer was made.
  • Hodlnaut's creditors, accounting for 60% of the total debt, also opposed the deal.
  • The managers expressed concerns about the illiquidity and speculative value of FLEX tokens, as well as the lack of cash injection or assets with similar liquidity.
  • They were also unsatisfied with the absence of a repayment timeline for creditors' debt and details of payment beyond 30% of liabilities.
  • FLEX is the native token of Coinflex exchange, which suspended all withdrawals in June 2022 and is expected to cease operations on October 31, 2023.

The article highlights the rejection of a buyout deal by Hodlnaut's interim managers and the concerns surrounding the offer and the involved tokens. The sentiment is negative due to the collapse of Hodlnaut, the plummeting value of the settlement token, and the lack of satisfactory terms in the proposed deal.

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You May Ask

Why did the interim managers of Hodlnaut reject the buyout deal from OPNX?What is the current value of the Flex Coin?Why did Hodlnaut's creditors oppose the OPNX deal?What were the concerns raised by Hodlnaut's interim managers regarding the proposed deal?What is the status of Coinflex exchange, and why did it suspend all withdrawals?

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