Singapore-based crypto lending platform Hodlnaut is seeking judicial management to manage its ongoing liquidity crisis and avoid the forced liquidation of assets in the current bear market.
The crypto lender informed its users in a Tuesday announcement that they have applied to the Singapore High Court to be placed under judicial management. The firm said:
“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. Instead, we believe that undergoing judicial management would provide the best chance of recovery.”
Judicial management is a law in Singapore that allows financially troubled firms to rehabilitate themselves. Under this law, the court appoints an officer called the judicial manager for the troubled firm who takes over the charge from the company’s director for the time being. The appointment of a judicial manager can...
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