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The ailing cryptocurrency lender Hodlnaut was granted judicial management by the Singapore High Court, giving it more time to develop a recovery strategy. In recent times, Hodlnaut has joined companies like Celsius, Vauld, Three Arrows Capital, and others. The $500 million AUM platform abruptly stopped withdrawals earlier this month, blaming choppy market circumstances. The company promptly requested to be placed under judicial management. The platform has received approval from the court to proceed with the same. https://twitter.com/hodlnautdotcom/status/1564497064418877440
Hodlnaut Is Granted Protection
According to a statement posted on Hodlnaut's website on Tuesday, Justice Aedit Abdullah accepted the appointment of Angela Ee and Aaron Loh of EY Corporate Advisors Pte. as the interim judicial managers. Hodlnaut had suggested Tam Chee Chong of Kairos Corporate Advisory Ltd. as the interim judicial manager in a previous application. The company has also updated the neighborhood on its most recent actions. However, it is now required to ask its IJM for advice. Hodlnaut continued,
"We will not be able to provide further information at this juncture, but we hope to provide further updates once our IJMs determine it necessary."
Withdrawal Halt Sparks Buzz
Following its decision to halt withdrawals, Hodlnaut experienced tremendous growth in popularity. The firm has an outstanding liability of around $281 million (S$391 million) as of last week, it reveals. In addition, the Singapore-based lender experienced a $193 million loss. The platform wants advice on debt restructuring under its temporary judicial management. Additionally, the company gets protected due to any legal actions.