Hodlnaut, a Singaporean cryptocurrency lending firm, has filed an application with the Singapore High Court to get judicial protection from creditors to avoid a "forced liquidation of assets."
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The firm said in a blog post on Tuesday that judicial protection allows it to avoid a "forced liquidation of assets." However, the Singapore-based lending firm declined to say when exactly it plans to resume withdrawals.
"Unfortunately, we are unable to provide a definite date as to when we are likely to re-enable withdrawals. We will leave this in the hands of our Judicial Manager, or Interim Judicial Manager, if so appointed."
The firm also pointed out that "not all" of its clients' assets are gone, but refused to clarify its financial status. Earlier in August, Hodlnaut suspended withdrawals, deposits and swaps to focus on "stabilizing liquidity" amid a restructuring process.
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