Court may order Hodlnaut to dissolve at August hearing

06/21 08:52

According to Techinasia, a Singaporean court is likely to decide whether to dissolve or restructure Hodlnaut at a hearing scheduled for August 7. The Singapore-based crypto lender halted operations in August 2022 and has been under interim judicial management (IJM) since later the same month. The platform previously said it lost US$317 million in TerraLabs’ Anchor Protocol, a staking protocol based on the the Luna/TerraUSD algorithmic stablecoin pairing, which collapsed in May last year. The IJM applied to end proceedings on April 25, indicating that Hodlnaut would be dissolved. They cited an unwillingness on the part of major creditors, including Samtrade Custodian and the Algorand Foundation, to negotiate further on a restructuring deal.
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