Hodlnaut Creditors Reject Company's Restructuring Plan, Seek Liquidation
Main page News, Asia, Crypto Market

Hodlnaut's main creditors, including Algorand Foundation, reject the restructuring plan, saying they want to liquidate the company to maximize "remaining assets available for distribution," Bloomberg reports.

Subscribe to our Telegram channel to get daily short digests about events that shape the crypto world

The plan proposed by Hodlnaut's former top-managers would allow them to continue managing the business. However, the creditors apparently don't want this as Singapore's police is investigating the company for potential fraud.

Crypto Lending Platform Hodlnaut Owes $35M to Algorand Foundation

In November 2022, interim judicial managers found that Hodlnaut had suffered a $190 million loss due to the Terra crash. They noted in a report that Hodlnaut's top management apparently had "downplayed the extent of the group's exposure" to the Terra crash not only during the period leading up to the crash, but also after it.

Access more than 50 of the world's financial markets directly from your EXANTE account – including NASDAQ, London Stock Exchange and Tokyo Stock Exchange

Read also:
Please describe the error