Crypto lender Hodlnaut is facing liquidation after the High Court of Singapore ended judicial management and ordered its closure. The company’s funds have been frozen since August 2022. Former interim judicial managers Aaron Loh Cheng Lee and Ee Meng Yen Angela have been discharged and appointed as liquidators. The decision to liquidate Hodlnaut was made by the Singapore court in response to an application. The company suspended deposits and withdrawals in August 2022, citing “recent market conditions.” Hodlnaut’s creditors include 17,000 users, with major creditors including Samtrade Custodian, S.A.M. Fintech, and the Algorand Foundation. The company faced financial difficulties due to the collapse of the Terra ecosystem and FTX. It avoided forced liquidation by receiving court-appointed IJMs and creditor protection. However, a restructuring plan was rejected, and creditors voted for liquidation. A $30 million offer from OPNX for a majority share in Hodlnaut was rejected. In contrast, a U.S. court approved the bankruptcy plan of crypto lender Celsius.

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Information	Details
Geography	Asia
Countries	🇸🇬
Sentiment	negative
Relevance Score	1
People	Aaron Loh Cheng Lee, Ee Meng Yen Angela
Companies	High Court of Singapore, Celsius, Terra ecosystem, EY, Su Zhu, S.A.M. Fintech, TerraUSD Classic (USTC), OPNX, Three Arrows Capital (3AC), Kyle Davies, Samtrade Custodian, FTX, Algorand Foundation, Monetary Authority of Singapore, Hodlnaut
Currencies	FLEX Coin, Terra
Securities	None