FLEX is associated with the CoinFLEX exchange, whose founders Mark Lamb and Sudhu Arumugam started OPNX this year. FLEX has a market value of about US$729 million and trading volume of just US$143,000 over the past 24 hours, a period when it climbed 15% to US$7.39, based on CoinGecko data as of 2:45 p.m. in Singapore.
A digital-asset exchange linked to the founders of failed hedge fund Three Arrows Capital is seeking to take control of ailing crypto lender Hodlnaut, whose restructuring is being overseen by a court in Singapore.
The exchange, OPNX, has offered to inject the equivalent of US$30 million in FLEX digital tokens into Hodlnaut to fund a partial creditor payout to finalize claims, according to a person familiar with the matter who asked not to be identified discussing private information, and a term sheet seen by Bloomberg News.
