Cyprus Mail
BusinessCryptocurrenciesInternational

Crypto lender Hodlnaut granted creditor protection by Singapore Court

bitcoin crypto middle east

Hodlnaut said on Tuesday it has been placed under interim judicial management by the Singapore High Court, after the troubled cryptocurrency lender suspended withdrawals earlier this month.

Judicial management allows a financially distressed company to be restructured under court supervision.

The Singapore-based crypto firm said the court had appointed Ee Meng Yen Angela and Aaron Loh Cheng Lee of EY Corporate Advisors as interim judicial managers.

“We will not be able to provide further information at this juncture, but hope to provide further updates once our IJMs (Interim Judicial Managers) determine it necessary to do so,” Hodlnaut said.

Earlier this month, Hodlnaut suspended withdrawals, swaps and deposits to focus on stabilizing its liquidity and preserving the company’s assets.

Hodlnaut is the latest in a string of crypto players globally to run into difficulties following a sharp sell off in markets that started in May with the collapse of two paired tokens, Luna and TerraUSD.

The company also said it had laid off about 40 employees, while also disclosing an investigation by the Singapore police.

Follow the Cyprus Mail on Google News

Related Posts

Decline in business loans continued in late 2023, CBC says

Kyriacos Nicolaou

Osson Trust Group review: Guiding newbies on trusted platform [ossontrustgroup.com]

CM Guest Columnist

Cyprus economic prospects for 2025 revised upwards

Kyriacos Nicolaou

Finance Ministry welcomes review results, reaffirms commitment to economic stability

Kyriacos Nicolaou

CFA Society Cyprus hosts seminar on investment funds

Souzana Psara

Cyprus showcases local products in London

Souzana Psara