According to Bloomberg, citing insider sources, the crypto claims and trading platform Open Exchange (OPNX) has proposed injecting approximately $30 million worth of FLEX digital tokens into the cryptocurrency lending platform Hodlnaut. This move aims to fund partial payments to creditors and finalize the claims.
The terms outline that after the injection of FLEX tokens, OPNX will hold a 75% stake in Hodlnaut. The documents state that if creditors approve the plan, they will receive 30% of FLEX and other token claims, or up to 95% of the total available corporate asset pool, whichever is higher, on a proportional basis.
Hodlnaut is a cryptocurrency financial services company based in Singapore. It allows users to deposit their cryptocurrencies on the platform and earn interest as their reward. Typically, Hodlnaut lends these cryptocurrencies to other users or engages in other investment activities to generate interest income, then returns a portion of the earnings to the depositing users.
Previously, Hodlnaut suffered a loss of $189.7 million due to its deposit of UST in the Anchor Protocol, which was impacted by the collapse of Terra. As a result, Hodlnaut became subject to investigation and bankruptcy proceedings.