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Crypto Lender Hodlnaut Placed Under Interim Judicial Management by Singapore Court
The Singapore-based lender was placed under interim judicial management, a type of creditor protection, on Aug. 29.
Troubled crypto lender Hodlnaut has been placed under interim judicial management (IJM), a form of creditor protection, three weeks after it froze withdrawals due to "difficult market conditions," according to an announcement.
Judicial management is a form of debt restructuring that sees an entity manage the business, property and assets of a distressed company. The company, in this case Hodlnaut, will also be protected from legal proceedings from third parties.
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On Aug. 29, Hodlnaut's legal representatives attended a court hearing alongside two creditors, both of which submitted nominations for IJM candidates. The judge appointed Ee Meng Yen Angela and Aaron Loh Cheng Lee, care of EY Corporate Advisors Pte. Ltd., as Hodlnaut's interim judicial managers.
Hodlnaut applied to be put under judicial management on Aug. 13, five days after it froze withdrawals.
The Singaporean lender was one of several crypto companies that succumbed to the pressures of a crypto market downturn. Rival lender Celsius Finance filed for bankruptcy earlier this year while hedge fund Three Arrows Capital imploded following exposure to the Terra/LUNA ecosystem that collapsed in May, wiping out $83 billion in market cap.
Hodlnaut did not immediately respond to CoinDesk's request for comment.
Read more: Crypto Lender Hodlnaut Faces Singapore Police ‘Actions’ and Job Cuts
Oliver Knight
Oliver Knight is the co-leader of CoinDesk data tokens and data team. Before joining CoinDesk in 2022 Oliver spent three years as the chief reporter at Coin Rivet. He first started investing in bitcoin in 2013 and spent a period of his career working at a market making firm in the UK. He does not currently have any crypto holdings.
