$87,416.00
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0.32%$139.04
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0.01%$0.196282
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1.58%$2,025.07
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4.49%$22.09
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7.82%$2,430.31
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0.05%$14.39
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0.36%$3.00
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0.01%$1.003
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1.24%$18.31
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11.21%$0.287741
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0.34%$0.01289137
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1.80%$1,753.65
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-2.24%Reading
More than a week ago, the troubled crypto lender Hodlnaut froze user assets on the platform. Now, the Singapore-based firm has applied for judicial management.
Hodlnaut is a crypto lender that let users deposit cryptocurrencies like Bitcoin and Ethereum and earn interest. It is one of many crypto lenders to be struck down during the latest downturn in crypto market.
First and foremost, the application, which was officially filed on August 13, will prevent the firm from having to sell its assets to make up for any shortfall on its books.
“We are aiming to avoid a forced liquidation of our assets as it is a suboptimal solution that will require us to sell our users’ cryptocurrencies such as BTC, ETH and WBTC at these current depressed asset prices,” today’s announcement read.
The application will also grant other advantages on its windy road to recovery.
The first will see an independent third party replace Hodlnaut’s directors to manage the company and oversee affairs.
The firm has applied to appoint Chee Chong Tam, a former partner at Deloitte Southeast Asia and the current director of Kairos Corporate Advisory, to take on the role of judicial manager. Tam is also Hodlnaut’s choice for interim judicial manager while Singapore courts review the firm’s application.
Second, perhaps more importantly, the filing will temporarily pause any legal claims against the firm.
“This pause will provide us with the breathing space to focus our efforts on the recovery plan to rehabilitate the company,” continued Hodlnaut’s statement.
As for affected users, the statement added: “while Hodlnaut is facing a difficult financial situation at the moment, not all your assets are gone.”
Hodlnaut is one of a number of crypto lenders, including Celsius, Voyager, and BlockFi, that have faced financial difficulties after this year's crypto market crash.
FTX CEO Sam Bankman-Fried is the man of the moment in crypto as he has bailed out multiple insolvent companies. Some are calling him Atlas, while some are critical of these moves. Sam answers tough questions from Dan Roberts and Stacy Elliott on FTX's bailout strategy, the controversial Voyager loan, his market outlook, marketing mistakes by crypto lenders, FTX competitors Binance and Coinbase, his political donations, and what he's learned about management. Watch and make sure to subscribe to the gm podcast on Apple or Spotify.
Celsius’ Chapter 11 filing revealed that the firm’s liabilities outweighed its assets by a whopping $1.2 billion. On July 6, Voyager also filed for bankruptcy after pausing user withdrawals just five days prior.
As for BlockFi, Sam Bankman-Fried, the CEO of crypto exchange FTX, provided a $250 million bailout package with plans to acquire the New Jersey-based lender.
Video game retailer GameStop said on Wednesday that it plans to offer up to $1.3 billion worth of convertible senior notes to investors, taking a page straight out of Strategy's Bitcoin-buying playbook. The Texas-based firm said in a press release that proceeds from the sale will be used for "general corporate purposes, including the acquisition of Bitcoin." The announcement comes one day after GameStop said it could purchase Bitcoin as a treasury reserve asset following an update to the company...
Fidelity Digital Assets is actively testing a stablecoin it has developed, a source with direct knowledge of the matter told Decrypt. The crypto-focused arm of Fidelity Investments, a $5 trillion asset manager, does not yet have plans to bring the token to market, the source said. The Financial Times first reported on the Boston-based firm's stablecoin experiment. The firm's testing of its own stablecoin comes as it also explores the tokenized U.S. Treasury market. A few days ago, Fidelity filed...
Cboe has submitted a filing to the U.S. Securities and Exchange Commission that would allow the exchange to list shares of a Fidelity exchange-traded fund tracking the price of Solana. The19b-4 form, filed Tuesday, is a major step in the SEC’s approval process, although Fidelity must still file an S-1 registration statement describing the product. The filing comes just days after Fidelity registered a Delaware Trust entity for its Solana fund, which would be based on the performance of the six...
