Hodlnaut, a Singapore-based digital currency lending platform, has joined its counterparts in seeking out the protection of the courts with its recent application for Judicial Management.
The crypto lending firm leaked some hints in a little more than a week since it announced it will be halting withdrawals based on its platform in response to the unfavourable market condition.
With the Judicial Management pursuit, Hodlnaut said it will be shielded from investors who may want to seek legal redress for losing their funds. The Judicial Management process will also present a form of a moratorium, granting the embattled crypto lender complete protection for a while.
“As we work towards stabilising our financial situation, the Founders and the Hodlnaut team in Singapore are working closely with our lawyers and have weighed various available options for our next steps,” the latest Hodlnaut announcement reads.
“We are aiming to avoid a forced liquidation of our assets as it is a suboptimal...
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