OPNX is looking to acquire 75% equity in the embattled crypto lender Hodlnaut and has offered $30 million worth of FLEX tokens.

Due to the founding team’s background, the new OPNX exchange has invited criticism and community skepticism. Now, the exchange says it wants to rescue Hodlnaut from bankruptcy.

According to Bloomberg, OPNX has offered $30 million worth of FLEX tokens to “fund a partial creditor payout” of Hodlnaut creditors. If Hodlnaut accepts the proposal, the OPNX exchange would own a 75% stake in the company.

A community member sarcastically commented that OPNX wants to trade currency backed by nothing for a stake in Hodlnaut. They wrote:

“Trading magic internet currency backed by nothing for real equity in an actual business… nice move guys.”

FLEX is the token linked to another troubled crypto exchange, CoinFLEX, which filed for restructuring in August 2022. Its co-founders, Mark Lamb, and Sudhu Arumugam, are part of the founding team of OPNX and also of the bankrupt crypto hedge fund, Three Arrow Capital.

FLEX is down by around 11.68% in the past 24 hours, trading at $6.81. It has a market capitalization of $672.2 million.

The backgrounds of the other co-founders, Su Zhu and Kyle Davies, have been equally controversial if not more. Particularly following the collapse of Three Arrow Capitals, both co-founders were seen as being uncooperative with the authorities in the investigation. Moreover, OPNX faces various allegations, such as faking its trading volume.

While Hodlnaut has not accepted or declined OPNX’s offer, it has been looking for a “white knight investor” since March. As creditors objected to the restructuring proposals, the Hodlnaut founders believed that selling the business would bring more value to creditors rather than liquidating it.

If the deal goes through, the Hodlnaut creditors could redeem through the following two plans, whichever is higher:

The crypto lending protocol Hodlnaut suspended customers’ operations in August 2022, citing market conditions. The firm also had a $190 million exposure to the Terra Luna ecosystem.

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The post OPNX Exchange Offers $30 Million to Bail out Crypto Lender Hodlnaut appeared first on BeInCrypto.

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