If approved, OPNX would own 75% of Hodlnaut, while creditors would receive 30% of their claims in FLEX and other tokens, or a pro-rata payment of up to 95% of the available asset pool.
The deal would see a capital injection of nearly $30 million worth of FLEX tokens into Hodlnaut to partially cover creditors' payout and outstanding claims. According to CoinMarketCap, FLEX is trading at $7.16 as of this writing, bringing the capital injection to nearly $215 million. Hodlnaut's restructuring is being overseen by a Singapore court.
If approved by the creditors, OPNX would own 75% of Hodlnaut after the infusion of capital. Creditors would receive 30% of their claims in FLEX and other tokens, or a pro-rata payment of up to 95% of the available corporate asset pool, whichever is higher, according to documents seen by Bloomblerg.FLEX is the native token of the CoinFLEX exchange, which was founded by Mark Lamb and Sudhu Arumugam, who were also co-founders of OPNX, a new marketplace for crypto claims trading.
"We see a lot of potential in the Hodlnaut platform and look forward to working closer with them," Lam told Bloomberg in an email.in August 2022 as a result of a liquidity crisis. Since then, it has been under judicial management, under Singaporean law, which temporarily shielded it from legal action.
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