(Bloomberg) -- The interim judicial managers of embattled crypto lender Hodlnaut have opposed the takeover terms from OPNX, a digital asset exchange associated with the founders of failed hedge fund Three Arrows Capital.

According to a court filing seen by Bloomberg News, administrators call the $30 million offer of FLEX digital tokens “illiquid” and with “speculative value.” A majority of Hodlnaut Group’s creditors accounting for 60% of the total debt amount also oppose the OPNX deal.

Additional concerns include “no injection of cash or assets with similar liquidity,” implying liquid tokens such as Bitcoin or Ether, no timeline for repayment of creditors’ debt and no details of payment beyond 30% of liabilities, said the court-appointed judicial managers supervising Hodlnaut’s restructuring in the filing.

Both the interim judicial managers and OPNX didn’t immediately respond to email seeking comment.

The Singapore-based Hodlnaut with operations in Hong Kong was among the casualties of a $1.5 trillion crypto rout last year. OPNX, which is pitched as a venue to trade crypto claims such as those associated with bankrupt digital asset outfits, offered to take control of it. 

Read More: OPNX Exchange Touted by Three Arrows Founders Bids for Hodlnaut

FLEX is associated with the CoinFLEX exchange, whose founders Mark Lamb and Sudhu Arumugam started OPNX this year. It currently has a market value of about $54.4 million and a trading volume of just $3,260 as of 10:33 a.m. in London on Tuesday and was trading at $0.55, according to data compiler CoinGecko, down 95% from a month ago when the offer was submitted to the Singapore court. 

3AC co-founders Su Zhu and Kyle Davies helped get OPNX off the ground and continue to tout it on X, the social media platform formerly known as Twitter. But beyond contributing initial ideas, Zhu has previously said he and Davies aren’t involved in the daily management of the exchange.

Last week, Zhu and Davies were banned by the Monetary Authority of Singapore for nine years for transgressions at their collapsed hedge-fund firm which operated out of the city-state. 

In August Zhu, Davies, Mark Lamb, OPNX Chief Executive Officer Leslie Lamb and Arumugam were fined by authorities in Dubai for operating and promoting OPNX without the required local license. 

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