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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.
Hodlnaut withdrew license application from MAS
On August 8th, the firm ‘regretfully’ announced the need to halt withdrawals, token swaps and deposits immediately due to recent market conditions. Reports have it that it is one of the crypto lenders hit by the UST Implosion.
In the same announcement, the Hodlnaut team relayed that they have informed the Monetary association of Singapore the intention to withdraw their license application to provide regulated digital payment token services.
Finally, they said they are consulting with Damodara Ong LLC “on the feasibility and timelines of their intended execution plan and are strategising a recovery plan with users’ best interests in mind.” Today’s announcement however reveals that the moratorium/judicial management is the recovery plan.
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