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.
- Earlier this month, Hodlnaut had requested judicial management with the Singapore High Court for protection against creditors.
- 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