Hodlnaut, a Singapore-based crypto lending platform, is to be liquidated, according to the company's former interim judicial heads Aaron Lee and Angela Ee.
The platform halted withdrawals, exchanges and token deposits at the beginning of August 2022. Hodlnaut then requested judicial management to stabilize its financial situation.
The company has reported a $193 million capital shortfall and cut 80% of its workforce in order to stabilize costs.
According to the latest court decision, Aaron Lee and Angela Ee will act as liquidators with the right to involve third party specialists in the process.
Holdnaut creditors rejected a restructuring plan earlier this year, favoring liquidation.
The platform's liquidity crisis was due to the loss of approximately $190 million as a result of the collapse of the Terra ecosystem in May.