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Home News Latest News

Hodlnaut’s Creditors Reject Restructuring Proposal, Advocate For Liquidation

13 January 2023
in Latest News, News
Reading Time: 2 mins read
107 1
Hodlnut’s Creditors Reject Restructuring Proposal, Advocate For Liquidation

image source: forkast.news

Hodlnaut, a Singapore-based cryptocurrency lending platform that has reportedly battled financial difficulties in recent times, is now considering the possibility of liquidation. This follows the rejection of the company’s proposed restructuring plan by its creditors, who are now seeking to liquidate the platform’s assets. 

According to the report, the troubled crypto lender attempted to restructure its operations to stay afloat, but despite these efforts, its creditors rejected the proposed plan and deemed that liquidating the firm’s remaining assets was the best course of action. 

The crypto lender’s creditors concluded that the proposed restructuring plans would not be effective in helping to alleviate the current financial issues facing the company. Instead, they believe that the best course of action would be to initiate a process of winding down and liquidating the firm’s remaining assets. This would allow for the distribution of these assets among the creditors, maximizing the remaining value for all parties involved. 

One key creditor, the Algorand Foundation, has called for the immediate liquidation of the remaining assets to ensure the process is as swift and efficient as possible. They contend that the longer the company is allowed to continue operating in its current state, the more value will be lost, and the less will be left for the creditors to recover. 

Hodlnaut encountered significant difficulties in August 2022, as it was forced to suspend withdrawals due to the volatility of market conditions and a shortage of liquidity. 

Meanwhile, it was discovered that the company had downplayed its involvement in the Terra-LUNA ecosystem, resulting in a significant loss of nearly $190 million. The company’s executives had taken steps to conceal their involvement by deleting thousands of documents related to their investments.

 

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