{"id":82686,"date":"2023-08-07T09:47:33","date_gmt":"2023-08-07T06:47:33","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=82686"},"modified":"2025-09-12T06:35:59","modified_gmt":"2025-09-12T03:35:59","slug":"bloomberg-reports-opnx-plans-to-acquire-hodlnaut","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/bloomberg-reports-opnx-plans-to-acquire-hodlnaut\/","title":{"rendered":"Bloomberg reports OPNX plans to acquire Hodlnaut"},"content":{"rendered":"

The OPNX exchange, founded by the co-founders the collapsed<\/a> hedge fund 3AC<\/span> Su Zhu and Kyle Davies, seeks to acquire a controlling stake in the troubled crypto-lending platform Hodlnaut. Bloomberg reports.<\/p>\n

According to a source cited by the agency, OPNX intends to invest $30 million worth of FLEX tokens in the firm “to fund partial creditor payments.” The creditors are expected to approve the plan.<\/p>\n

Journalists noted that, if approved, the exchange would own 75% of Hodlnaut. Users would receive 30% of their claims in FLEX and other cryptocurrencies.<\/p>\n

At the time of writing, the token\u2019s market capitalization stood at more than $702.5 million. The current price is $7.12.<\/p>\n

\"Bloomberg
Data: CoinMarketCap<\/a>.<\/figcaption><\/figure>\n

On August 8, 2022, the Singapore-based crypto lending platformsuspended withdrawals<\/a>, swaps and token deposits. Its representatives immediately sought court protection from creditors<\/a>.<\/p>\n

To cut costs, Hodlnautlaid off 80% of its staff<\/a>. Later, the company acknowledged a capital shortfall of $193 million<\/a>. Of this amount almost $190 million<\/a> was linked to losses suffered by the platform as a result of the Terra ecosystem collapse<\/a>.<\/p>\n

In November, Singapore policeopened an investigation<\/a> into the company and its leadership over suspicions of deceit and fraud.<\/p>\n

In early 2023 Hodlnaut announced the possibility of liquidation<\/a> after creditors rejected the proposed restructuring plan. According to Bloomberg, in February several potential buyers showed interest in acquiring the platform and its claims against the collapsed FTX<\/a>.<\/p>\n

Plans by Davies and Zhu to raise $25 million<\/a> to launch a cryptocurrency exchange with active involvement from representatives of the failed CoinFLEX<\/a> became known in January.<\/p>\n

Later, Zhu announced the opening<\/a> of a waitlist to access the platform. According to him, OPNX is a way to redeem past mistakes. Many community members greeted the project with skepticism and outrage.<\/p>\n

In April, the team behind the crypto exchange announced<\/a> the official launch and unveiled the distribution of the FLEX token. Leslie Lamb, the wife of former CoinFLEX CEO Mark Lamb, took the post of OPNX CEO. Later she criticized<\/a> investors who had distanced themselves from the company.<\/p>\n

In July, Davis pledged to donate<\/a> potential proceeds from the new platform to creditors of 3AC for \u201cgood karma.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"

The OPNX exchange, founded by the co-founders of the collapsed hedge fund 3AC, Su Zhu and Kyle Davies, seeks to acquire a controlling stake in the troubled crypto-lending platform Hodlnaut.<\/p>\n","protected":false},"author":1,"featured_media":82687,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[83,2324,1352],"class_list":["post-82686","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-business","tag-hodlnaut","tag-three-arrows-capital"],"aioseo_notices":[],"amp_enabled":true,"views":"18","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/82686","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=82686"}],"version-history":[{"count":1,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/82686\/revisions"}],"predecessor-version":[{"id":82688,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/82686\/revisions\/82688"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/82687"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=82686"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=82686"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=82686"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}