Singapore-based cryptocurrency loan provider Hodlnaut will be liquidated, according to the business’s previous interim judicial supervisors, Aaron Lee and Angela Ee.
A winding-up order was submitted on Nov. 10 with the High Court of Singapore. Liquidators will continue to supply updates to the exchange’s financial institutions, of which there are more than 17,000.
Hodlnaut got financial institution security last August after suffering around $189 million in losses due to the Terra environment direct exposure, which collapsed in May 2022.
The loan provider likewise had $13.3 million worth of crypto locked on FTX before the exchange froze withdrawals and eventually declared insolvency last November.
Holdnaut financial institutions declined a restructuring strategy previously this year, preferring liquidation as it would much better serve their interests.
Aaron Lee and Angela Ee have actually now been designated as liquidators of Hodlnaut, which will be ended up under the Insolvency, Restructuring and Dissolution Act of 2018.
The winding-up application was submitted in May this year and authorized on Friday.
Modified by Aoyon Ashraf.
