Crypto Lender Hodlnaut Ordered To Liquidate, Repay 17,000 Clients
The Excessive Court docket has issued a liquidation order for Hodlnaut, a cryptocurrency lending platform based mostly in Singapore.
The Excessive Court docket has issued a liquidation order for Hodlnaut, a cryptocurrency lending platform based mostly in Singapore. Aaron Loh Cheng Lee and Ee Meng Yen Angela from EY have been appointed as joint liquidators. This resolution follows their preliminary appointment as interim judicial managers in August, assigned to supervise Hodlnaut’s operations after the platform incurred substantial losses of roughly $190 million on account of investments within the collapsing Terra ecosystem.
In keeping with a judicial report, Hodlnaut’s administrators allegedly failed to totally disclose their involvement with the Terra/Luna platform earlier than and after its collapse in Could 2022. This case positioned Hodlnaut amongst different monetary entities, together with Celsius, Voyager Digital, and Three Arrows Capital, all affected by their affiliation with Terra’s algorithmic stablecoin UST.
The court docket order, dated November 10, mandates the winding up of Hodlnaut, leaving over 17,000 customers of the platform unsure in regards to the restoration of their funds. Hodlnaut, which beforehand supplied rates of interest as excessive as 12.73% on deposits, had suspended buyer withdrawals in July 2022. The appointed liquidators plan to supply bulk updates on-line because of the massive quantity of collectors, making particular person responses impractical.
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