Hodlnaut Rejects OPNX's $30M Bid, 90% Drop in FLEX Token Value

20/9/2023

The interim judicial managers overseeing the collapsed cryptocurrency lender Hodlnaut have rejected a buyout deal from cryptocurrency exchange OPNX, citing concerns about the offer's illiquidity and speculative nature. The deal, which included $30 million worth of Flex (FLEX) tokens, has been opposed by a majority of Hodlnaut Group's creditors, who represent 60% of the total debt. The value of Flex tokens has plummeted by approximately 90% since the offer was made in early August 2023. Additionally, the managers were dissatisfied with the lack of cash injection or assets with similar liquidity, as well as the absence of a clear timeline for creditor repayment and insufficient details regarding payment of liabilities beyond 30%. Coinflex, the exchange associated with OPNX, has faced its own challenges, including suspended withdrawals and a pending shutdown on October 31, 2023, due to ongoing issues related to a counterparty and significant losses.

Resource: https://cointelegraph.com/news/30-million-hodlnaut-bid-by-opnx-rejected