Crypto lender Hodlnaut appears to have found a white knight investor to exit its bankruptcy proceedings. According<\/a> to a Bloomberg report, OPNX exchange has made an offer to take over 75% of the company.<\/p>\n 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.<\/p>\n 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.<\/p>\n 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. The platform is also powered by the FLEX token. Other co-founders of OPNX included Su Zhu and Kyle Davies, also founders of bankrupt hedge fund Three Arrows Capital (3AC). Zhu and Davies are being chased by creditors<\/a> in the United States over their dragging bankruptcy proceedings<\/p>\n It’s unclear if the creditors will accept the deal. In April, the majority of Hodlnaut’s creditors expressed their desire to liquidate the company<\/a>. According to a letter from the interim judicial manager (IJM), users representing approximately 55.38% of creditors, with claims of 228.3 million Singapore dollars (about $170 million), have indicated they would favor liquidation over restructuring. At the time, no source of fresh capital had been found, the letter noted. <\/p>\n “We see a lot of potential in the Hodlnaut platform and look forward to working closer with them,” Lam told Bloomberg in an email. <\/p>\n Hodlnaut halted withdrawals<\/a> 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. \u201cWe are aiming to avoid a forced liquidation of our assets as it [\u2026] will require us to sell our users\u2019 cryptocurrencies such as BTC, ETH and WBTC at these current depressed asset prices,\u201d the company said at the time.<\/p>\n Magazine<\/em>: <\/strong>Deposit risk: What do crypto exchanges really do with your money?<\/em><\/strong><\/a><\/p>\n![](\"https:\/\/s3.cointelegraph.com\/uploads\/2023-08\/70643cf6-c47e-47d9-821d-6aa2de962582.png\"\/)