Singapore-based crypto lender Hodlnaut has been placed under Interim Judicial Management (IJM), a form of creditor protection, and will now be managed and controlled by interim judicial managers appointed by court order.

See related article: Singapore’s central bank says cryptocurrencies have ‘no fundamental value’

Fast facts

  • Hodlnaut said its legal representatives attended the IJM hearing on Aug. 29 with two creditors, both of whom submitted nominations for IJM candidates. 
  • The Singapore court has appointed Ee Meng Yen Angela and Aaron Loh Cheng Lee, care of EY Corporate Advisors, as interim judicial managers.
  • The company this month also freezed withdrawals and ended its token swapping feature, as well as canceled its payment license application for providing digital payment tokens service in Singapore.
  • Hodlnaut is one of many crypto companies that have felt the brunt of a prolonged bear market in the industry.
  • Nasdaq-listed Eqonex shut its crypto exchange, while exchanges like CoinFlex and Coinbase are reducing headcount and hedge fund Three Arrows Capital has been ordered to liquidate. 

See related article: How a market slump may be helping Singapore’s stance against retail crypto