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OPNX

Crypto Exchange OPNX Emerges As Potential Savior For Troubled Hodlnaut – Report

Christian Encila
by Christian Encila
2 years ago
·
Posted in Crypto News, Uncategorized
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

OPNX Exchange emerges as a potential savior for crypto lender Hodlnaut as it navigates the complexities of bankruptcy proceedings. A recent report from Bloomberg reveals that the exchange has extended a lifeline to the struggling company. By presenting a proposition to acquire 75% ownership, OPNX Exchange aims to rejuvenate Hodlnaut’s fortunes. 

The proposal entails an infusion of $30 million worth of FLEX tokens into the enterprise, a strategic move aimed at facilitating partial restitution to the company’s creditors, as disclosed in the report. 

This development underscores the intricate interplay between the world of digital finance and traditional economic mechanisms, signaling a potential turning point for Hodlnaut’s future.

Related Reading: Worldcoin Vulnerability: Blockchain Security Firm Exposes Unverified Orb Operator Access

Innovative Creditor Restitution Plan Unveiled

If greenlit by the creditors, the plan would trigger a transformative ownership shift, granting OPNX a commanding position within Hodlnaut. An integral component of the scheme involves creditors receiving a substantial portion of their claims, thereby ameliorating the financial distress stemming from Hodlnaut’s bankruptcy. 

The intricate plan allows creditors to opt for a flexible compensation mechanism – either 30% of their claims in FLEX and alternative tokens, or a pro-rata disbursement of up to 95% of the available corporate asset pool, depending on which option offers a higher value.

OPNX Positive Outlook On Hodlnaut’s Potential

With this audacious proposition, OPNX Exchange signals not only its intent to bolster Hodlnaut’s viability but also its confidence in the platform’s intrinsic potential. Mark Lamb, co-founder of OPNX, expressed optimism about the impending collaboration, stating, “We see a lot of potential in the Hodlnaut platform and look forward to working closer with them,” in correspondence with Bloomberg.

Bitcoin on the brink of losing its grip on the $29K handle. Chart: TradingView.com

Among OPNX’s co-founders are Su Zhu and Kyle Davies, known for their roles as the founders of the embattled hedge fund Three Arrows Capital. Notably, Zhu and Davies find themselves entangled in an ongoing legal tussle with creditors within the United States.

The co-founders’ involvement in OPNX’s endeavor and the bankruptcy proceedings adds a layer of complexity to the narrative, highlighting the intertwined nature of modern financial landscapes.

As OPNX’s proposal awaits creditor approval, the unfolding developments stand as a testament to the intricate dance between innovation, finance, and the ever-evolving dynamics of corporate restructuring.

Related Reading: Binance CEO Raises Alarm On Growing Menace Of ‘Mirrored Address’ Crypto Scam

Three Arrows Capital’s Complex Bankruptcy Saga Unfolds

Three Arrows Capital, a once-prominent hedge fund, sought refuge from creditors in July 2022. This plea for financial shelter was made under the protective ambit of Chapter 15 bankruptcy, with the legal petition officially lodged within the jurisdiction of the US Southern District of New York. 

Amidst the bankruptcy turmoil, 3AC liquidators are embroiled in a consequential pursuit to secure compensation. Their aim? To retrieve an astonishing sum exceeding $1 billion from none other than Zhu and Davies, the co-founders who once held the reins of the faltering hedge fund.

Featured image from The Quintessential Leader

Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Christian Encila

Christian Encila

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Christian, a journalist and editor with leadership roles in Philippine and Canadian media, is fueled by his love for writing and cryptocurrency. Off-screen, he's a cook and cinephile who's constantly intrigued by the size of the universe.

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