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Singapore based crypto lender Hodlnaut has filed an application with Singapore High court to be placed under judicial management. A while ago, the firm halted withdrawals, token swaps and deposits and is now taking measures to prevent liquidation.
Another CeFi firm hit with the contagion
A week after halting withdrawals among other operations, Hodlnaut announces to its users that in a bid to fend off bankruptcy or liquidation which will require it to sell off clients assets at current ‘depressed price’, it has opted for a safer option which is the judicial management process.
The team explains in their announcement that the moratorium will give them breathing space to focus on recovery because it automatically prevents legal claims and proceedings to be carried out against Hodlnaut.
We have applied for Mr Tam Chee Chong of Kairos Corporate Advisory Pte Ltd to be appointed as the Interim Judicial Manager, the announcement read, including that the application is yet to be heard in court and it’s still subject to change.
The centralized crypto lending platform was founded in 2019 by Juntao Zhu and Simon Lee and reportedly has over $12 million in Assets under Management.
