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.
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.
Join CoinCu Telegram to keep track of news: https://t.me/coincunews
Follow CoinCu Youtube Channel | Follow CoinCu Facebook page
Annie
CoinCu News
O'Leary's track record speaks volumes about his prowess in the business world. Today, let's join…
Many have been fascinated by Michael Burry, famous for his prescient predictions in the financial…
Berlin, Germany, May 1st, 2024, ChainwireThe Nektar Network is excited to announce the commencement of…
The surge in Tether profits was primarily driven by approximately $1 billion in net operating…
London, UK, May 1st, 2024, ChainwireThree days into its existence, $ROCKY, the latest meme coin…
Chinese law enforcement authorities have apprehended a suspect involved in a sophisticated scheme targeting the…
This website uses cookies.