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OPNX’s $30M Hodlnaut issue rejected as FLEX token plummets 90%: Document

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The intervening time judicial managers of Hodlnaut argued that the $30 million offer of FLEX tokens is “illiquid” and has “speculative cost.”

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The intervening time judicial managers of the collapsed cryptocurrency lender Hodlnaut dangle reportedly rejected basically the most up-to-date buyout deal amid the settlement token plummeting 90%.

Hodlnaut administrators dangle antagonistic the takeover phrases from cryptocurrency substitute OPNX, which used to be established by Kyle Davies and Su Zhu, the co-founders of failed hedge fund Three Arrows Capital (3AC).

In a fresh court submitting, the intervening time managers argued that the $30 million offer of Flex (FLEX) tokens is “illiquid” and has “speculative cost,” Bloomberg reported on Sept. 19. A majority of Hodlnaut Group’s collectors accounting for 60% of the total debt amount moreover antagonistic the OPNX deal.

The administrators referred to FLEX losing roughly 90% of cost since OPNX made a proposal to make a choice over 75% of Hodlnaut in early August 2023. At the time of the proposal, FLEX traded at around $7. Per files from CoinGecko, the Flex Coin is buying and selling at $0.58 on the time of writing.

Flex Coin (FLEX) 90-day value chart. Source. CoinGeckoOther than the worries around FLEX, Hodlnaut’s intervening time judicial managers had been terrified about “no injection of cash or sources with an identical liquidity,” implying main digital sources like Bitcoin (BTC) or Ether (ETH). The managers had been moreover unsatisfied with OPNX providing no timeline for compensation of collectors’ debt and no crucial suggestions of rate beyond 30% of liabilities.

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FLEX is the native token of the Coinflex substitute, which is closely connected to the OPNX platform as its founders Impress Lamb and Sudhu Arumugam moreover participated within the OPNX begin.

Coinflex suspended all withdrawals in June 2022, with the CEO citing indecent market prerequisites and “persevered uncertainty sharp a counterparty.” The substitute filed for restructuring in a Seychelles court because it seeks to discover better $84 million in losses from a easy particular person customer. Coinflex expects to officially break operations on Oct. 31, 2023, advising its possibilities to withdraw all funds from the platform by the shutdown date.

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