According to a recent court filing, interim judicial managers for the troubled crypto lender Hodlnaut oppose a takeover by the crypto firm OPNX, which is linked to the now-defunct crypto hedge fund Three Arrows Capital and its founders.
OPNX Takeover Faces Resistance from Hodlnaut’s Judicial Management
On September 19, 2023, Bloomberg’s Suvashree Ghosh reported on a recent court filing stating that Hodlnaut’s judicial managers oppose a OPNX takeover deal. Hodlnaut, a crypto lender, halted withdrawals in August 2023, citing deteriorating market conditions. A week later, Hodlnaut sought judicial management to rehabilitate the company.
Court filings showed Hodlnaut faced a shortfall of about $193 million. A significant portion of the company’s losses came from the decline of Terra. OPNX, a crypto-centric exchange allowing users to trade claims of bankrupt crypto firms, was founded by Three Arrows Capital‘s Kyle Davies and Su Zhu. The Bloomberg report mentioned that estate admini
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