3AC-linked exchange bids $30m to acquire troubled Holdnaut
Founders of the defunct hedge fund Three Arrows Capital (3AC) are actively promoting their newly launched digital asset exchange , OPNX, as they seek to acquire struggling cryptocurrency lender Hodlnaut. OPNX aims to rescue Hodlnaut with an infusion of funds amounting to $30 million in FLEX digital tokens traded on the CoinFlex exchange . Hodlnaut, which operates in Singapore and Hong Kong, has been undergoing a court-monitored reorganization due to financial troubles. The tokens, owned by OPNX co-founders Mark Lamb and Sudhu Arumugam, will facilitate a partial payout to creditors, effectively concluding their claims. According to Bloomberg News, the term sheet reveals that after the capital injection, OPNX would gain a 75% ownership stake in Hodlnaut. The remaining 30% would consist of various tokens representing creditors’ claims. The bid is contingent on the creditors’ approval. Creditors could receive up to 95% of the available corporate assets if they support the...