Crypto lender Hodlnaut is facing its demise as the High Court of Singapore has ordered its liquidation, bringing an end to the company’s judicial management. The funds of Hodlnaut’s users have been frozen since August 2022. Former interim judicial manager Aaron Loh Cheng Lee and Ee Meng Yen Angela have been discharged from their positions and appointed as the company’s liquidators. The decision to liquidate Hodlnaut was made by the Singapore court in response to an application. The company suspended deposits and withdrawals in August 2022 and withdrew its licensing application before the Monetary Authority of Singapore. Hodlnaut’s creditors include 17,000 users and major creditors such as Samtrade Custodian, S.A.M. Fintech, and the Algorand Foundation. The collapse of the Terra ecosystem and FTX has significantly impacted Hodlnaut, which also faced a police investigation regarding its reporting of USTC holdings. Despite attempts to avoid liquidation, creditors rejected a restructuring plan, and Hodlnaut has now been ordered to be liquidated.
Hashtags:
– #Hodlnaut
– #cryptolender
– #Singapore
– #liquidation
– #cryptowinter
– #Terra
– #FTX
– #AlgorandFoundation
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