Image: Reuters Berita 24 English - Hodlnaut said on Tuesday that the Singapore High Court has put it under "interim judicial management...
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| Image: Reuters |
Berita 24 English - Hodlnaut said on Tuesday that the Singapore High Court has put it under "interim judicial management." This comes after the troubled cryptocurrency lender stopped letting people take out money earlier this month.
With judicial management, a company in financial trouble can be restructured while the court watches.
The Singapore-based crypto company said that Ee Meng Yen Angela and Aaron Loh Cheng Lee of EY Corporate Advisors had been named interim judicial managers by the court. (https://bit.ly/3QZQxaj)
Hodlnaut said, "At this point, we won't be able to give you any more information, but we hope to once our IJMs (Interim Judicial Managers) say it's important to do so."
Hodlnaut stopped withdrawals, swaps, and deposits at the beginning of this month so it could focus on stabilising its liquidity and protecting the company's assets.
Hodlnaut is the latest crypto player around the world to run into trouble after a sharp sell off in the markets that began in May with the collapse of two tokens that go together, Luna and TerraUSD.
The company also said that it had fired about 40 people and that the Singapore police were looking into it.
