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Algorand Foundation Among Creditors Opposing Restructuring of Troubled Crypto Exchange Hodlnaut
The Algorand Foundation declared $35 million in exposure to the lender in September.
Several of the largest creditors of troubled Singaporean crypto lender Holdnaut have indicated they want the company to be placed in liquidation as opposed to a restructuring, according to a court filing published by Hodlnaut's judicial managers.
The creditors that oppose a restructuring include Samtrade Custodian Limited, which is currently in liquidation, and the Algorand Foundation. These creditors have claims worth $228 million Singaporean dollars (US$170 million).
STORY CONTINUES BELOW
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The announcement published by Hodlanut's judicial manager states that there is "no white knight investor" for the lender, leading to an absence of fresh capital.
Creditors initially indicated a preference for liquidation in January, with the Algorand Foundation stating in a court filing that liquidation would "maximize the company's remaining assets available for distribution."
In September, the Algorand Foundation declared that it had $35 million in exposure to Hodlnaut.
The Algorand token (ALGO) is currently trading at 18 cents, having dropped by 3.34% in the past 24 hours, according to CoinDesk data.
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.
