An statement states that Hodlnaut, a troubled cryptocurrency lender, has been placed under interim judicial management (IJM), a type of creditor protection, three weeks after it halted withdrawals because of “challenging market conditions”.
A company manages the operations, real estate, and assets of a struggling company under judicial management, a type of debt restructuring. Additionally, the business, in this example Hodlnaut, will be shielded from outside legal actions.
Two creditors who both submitted nominations for IJM candidates attended a court hearing on August 29 alongside Hodlnaut’s legal counsel. As interim judicial managers for Hodlnaut, the judge named Ee Meng Yen Angela and Aaron Loh Cheng Lee, through EY Corporate Advisors Pte. Ltd.
Hodlnaut submitted an application to be placed under judicial control
One of several cryptocurrency businesses that gave in to market pressure was the Singaporean lender. Competitor lender Celsius Finance declared bankruptcy earlier this year, while hedge firm Three Arrows Capital crumbled as a result of exposure to the Terra/LUNA ecosystem, which crashed in May and caused a market cap loss of $83 billion.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
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