{"id":12584,"date":"2023-11-11T13:28:34","date_gmt":"2023-11-11T13:28:34","guid":{"rendered":"https:\/\/infundpros.com\/markets\/crypto\/high-court-orders-liquidation-of-hodlnaut-crypto-lending-platform-17000-users-impacted\/"},"modified":"2023-11-11T13:28:36","modified_gmt":"2023-11-11T13:28:36","slug":"high-court-orders-liquidation-of-hodlnaut-crypto-lending-platform-17000-users-impacted","status":"publish","type":"post","link":"https:\/\/infundpros.com\/?p=12584","title":{"rendered":"High Court Orders Liquidation of Hodlnaut Crypto Lending Platform \u2013\u00a017,000 Users Impacted"},"content":{"rendered":"<div>\n<figure id=\"attachment_130106\" aria-describedby=\"caption-attachment-130106\" style=\"width: 640px\" class=\"wp-caption aligncenter\"><noscript><\/noscript><figcaption id=\"caption-attachment-130106\" class=\"wp-caption-text\">Source: Hodlnaut<\/figcaption><\/figure>\n<p>The <strong>Singapore High Court<\/strong> has ordered cryptocurrency lending platform <strong><span data-preserver-spaces=\"true\">Hodlnaut<\/span><\/strong><span data-preserver-spaces=\"true\">\u00a0to undergo liquidation, as stated in a\u00a0<\/span><span data-preserver-spaces=\"true\">court document dated November 10<\/span><span data-preserver-spaces=\"true\">.\u00a0<\/span><\/p>\n<p>The court has appointed Aaron Loh Cheng Lee and Ee Meng Yen Angela, both from corporate advisory firm EY, as the joint liquidators for Hodlnaut.<\/p>\n<p>The decision comes after the two were initially appointed as interim judicial managers on August 29 to oversee the struggling startup.<\/p>\n<p>Hodlnaut suffered substantial losses amounting to around $190 million due to its investments in the Terra ecosystem, which experienced a significant collapse.<\/p>\n<p>A judicial report revealed that the company\u2019s directors had not fully disclosed the extent of their involvement with the Terra\/Luna platform both before and after its downfall in May 2022.<\/p>\n<p>This placed Hodlnaut in a similar position to other financial entities such as Celsius, Voyager Digital, and Three Arrows Capital, which also faced setbacks due to their association with Terra\u2019s algorithmic stablecoin UST.<\/p>\n<p>In response to the crisis, Hodlnaut suspended customer withdrawals in July 2022, citing market conditions and the need to safeguard assets.<\/p>\n<p>By August, the Singapore High Court intervened and appointed two interim judicial managers from EY Corporate Advisors to oversee the startup\u2019s restructuring efforts.<\/p>\n<p>Prior to its liquidation, Hodlnaut offered depositors interest rates as high as 12.73%.<\/p>\n<p>However, with the platform now facing liquidation, the prospects of users recovering their deposits remain uncertain.<\/p>\n<p>The liquidators have acknowledged that addressing individual queries may not be feasible due to the large volume of creditors.<\/p>\n<p>Instead, they plan to provide bulk updates online to keep stakeholders informed.<\/p>\n<h2>Hodlnaut Rejects Purchase Offers<\/h2>\n<p><span class=\"replacer\"><\/span><br \/>A number of potential buyers have shown interest in the embattled cryptocurrency lending company and its claims against now-bankrupt digital asset exchange FTX.<\/p>\n<p>As <span data-preserver-spaces=\"true\">reported<\/span>, \u201cvarious parties who are interested in acquiring\u201d the Singapore-based crypto platform reached out to the interim judicial managers overseeing the company earlier this year after it sought protection from creditors.<\/p>\n<p>As of December 9, Hodlnaut Group owed a combined $160.3 million, which accounts for more than 60% of the company\u2019s outstanding debt, to some major crypto and Fintech companies like Algorand Foundation, Samtrade Custodian, S.A.M. Fintech and Jean-Marc Tremeaux.<\/p>\n<p>Back in August, <strong><span data-preserver-spaces=\"true\">OPNX<\/span><\/strong><span data-preserver-spaces=\"true\">, a digital asset exchange created by the founders of failed hedge fund\u00a0<\/span><strong><span data-preserver-spaces=\"true\">Three Arrows Capital<\/span><\/strong><span data-preserver-spaces=\"true\">,\u00a0<\/span><span data-preserver-spaces=\"true\">proposed a takeover of the struggling crypto lender Hodlnaut<\/span><span data-preserver-spaces=\"true\">.<\/span><\/p>\n<p>OPNX has offered to inject $30 million worth of FLEX digital tokens into Hodlnaut to fund a partial creditor payout.<\/p>\n<p>The offer was submitted to the court after interim judicial managers overseeing Hodlnaut\u2019s restructuring objected to the distressed firm\u2019s directors emailing the bid directly to its users.<\/p>\n<div class=\"newsletter home-newsletter single\">\n<div class=\"left-side\">\n<p>\n        <em><br \/>\n            Enter your email for our Free Daily Newsletter        <\/em>\n    <\/p>\n<p> A quick 3min read about today&#8217;s crypto news!<\/p>\n<p>    <span class=\"response-msg\" id=\"newsletter-response\"><\/span>\n<\/div>\n<\/p><\/div>\n<\/p><\/div>\n<p>Read the full article <a href=\"https:\/\/cryptonews.com\/news\/high-court-orders-liquidation-of-hodlnaut-crypto-lending-platform-17000-users-impacted.htm\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Source: Hodlnaut The Singapore High Court has ordered cryptocurrency lending platform Hodlnaut\u00a0to undergo liquidation, as stated in a\u00a0court document dated November 10.\u00a0&#8230;<\/p>\n","protected":false},"author":1,"featured_media":12585,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[28],"tags":[],"class_list":{"0":"post-12584","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-crypto"},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.3 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>High Court Orders Liquidation of Hodlnaut Crypto Lending Platform \u2013\u00a017,000 Users Impacted | inFundPros<\/title>\n<meta name=\"description\" content=\"Source: Hodlnaut The Singapore High Court has ordered cryptocurrency lending platform Hodlnaut\u00a0to undergo liquidation, as stated in a\u00a0court document dated\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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