Hodlnaut, a cryptocurrency lender with headquarters in Singapore, is going to be liquidated, according to Aaron Lee and Angela Ee, the company’s previous interim judicial managers.
On November 10, a winding-up order was submitted to Singapore’s High Court. More than 17,000 creditors of the exchange will continue to receive updates from the liquidators
Hodlnaut filed for creditor protection in August of last year, having lost almost $189 million as a result of its exposure to the Terra ecosystem, which collapsed in May of 2022.
In addition, the lender had $13.3 million in cryptocurrency locked on FTX prior to the exchange freezing withdrawals and declaring bankruptcy in November of last year.
Earlier this year, Holdnaut’s creditors rejected a restructuring plan, believing that liquidation would better serve their interests.
As liquidators of Hodlnaut, Aaron Lee and Angela Ee will now be wound up in accordance with the Insolvency, Restructuring and Dissolution Act of 2018. The application for winding up was submitted in May of this year, and it was approved on Friday.