The Singapore-based crypto lender, Hodlnaut, has been ordered to be liquidated, according to former interim judicial managers Aaron Lee and Angela Ee. The liquidation order was filed on November 10th with the High Court of Singapore. The liquidators plan to continue communicating with the company’s 17,000+ creditors.
Hodlnaut sought creditor protection in August after suffering losses of approximately $189 million due to its exposure to the collapsed Terra ecosystem in May 2022. The company also had $13.3 million in crypto assets frozen on FTX before the exchange suspended withdrawals and ultimately declared bankruptcy a year ago.
The creditors of Hodlnaut had previously rejected a restructuring plan earlier this year, opting for liquidation as it would better serve their interests. Aaron Lee and Angela Ee have now been appointed as liquidators for Hodlnaut.