Like other troubled lending firms, the Singapore-based crypto lending firm Hodlnaut has filed for breathing space for protection against its creditors.
Days ago, Hodlnaut joined the list of crypto lenders to freeze users’ digital assets on its platform due to the current market downturn, on August 13, it officially filed for an application that will allow the firm to operate while owing creditors for the time being.
“We are aiming to avoid a forced liquidation of our assets as it is a suboptimal solution that will require us to sell our users’ cryptocurrencies such as BTC, ETH, and WBTC at these current depressed asset prices,” according to a statement by the company.
The whole process is expected to take a “few months” and the crypto lender Hodlnaut will make further updates public by August 19.
Currently, the firm is looking to replace its directors with an independent third party to oversee the company’s affairs.
Hodlnaut has applied to appoint Chee Chong Tam, a former partner at Deloitte Southeast Asia and the current director of Kairos Corporate Advisory, to take on the role of judicial manager. Tam is also Hodlnaut’s choice for the interim judicial manager while Singapore courts review the firm’s filings.
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Like Other Crypto Lenders, Like Holdnaut?
Since the inception of the current “crypto winter”, crypto lenders have been struggling to keep their heads above water, investors like Sam Bankman-Fried have been taking advantage of the current crypto market, he recently rescued the sinking BlockFi in a $250 million bailout package with an option to acquire the lending firm.
Other crypto lenders like Celsius and Voyager Digital have filed for bankruptcy to protect them from litigation while they keep operating, Holdnaut is another crypto lender to join the embattled lenders to file for creditors protection.
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