Hodlnaut, a Singapore-based crypto lender, has been granted receivership by Singapore’s higher courts today.
Interim CEOs Angela E. and Aaron Low of EY Corporate Advisors Pte. Appointed interim directors of Hodlnaut, to me on the official statement.
Hodlnaut advertiser In its official Telegram channel it does not provide any further details nor does it have an exact date for further updates.
company first archived for legal guidance on August 13 as it sought provisional protection from all legal claims. The submission also included the inclusion of third-party temporary managers to restructure the company’s operations. This also avoided liquidation of cryptocurrency holdings like for example Bitcoin (BTC) and Ethereum (ETH) with a huge loss.
Last week, Hodlnaut cut 80% of its employees Saving Money. Most notable, however, was the ongoing actions with the police and the public prosecutor in Singapore, where the crypto lender said, “These actions are being taken in what we believe is in the best interests of our users.”
Elimination comes just three weeks after Hodlnaut froze Withdrawals, deposits and token swaps “to give us [Hodlnaut] It is time to work closely with our legal advisors to come up with the best possible restructuring and recovery plan for our users,” according to the August 8 announcement.
Hodlnaut was launched in 2019 and offers investors an interest of up to 7.25% on their holdings of idle tokens.
Singapore to the rescue
general Market trends Declining crypto companies have given Singapore a lot to think about when it comes to consumer protection and industry regulation.
Last week, the Singapore Supreme Courts It is considered That liquidation agency Teneo gained access to additional financial documents from the Three Arrows Capital crypto fund.
With lawmakers and advisors scrambling for answers, the Monetary Authority of Singapore (MAS), the city’s central bank and financial regulator, yesterday outlined the potential of guiding rules To prevent absurd investments and protect investors.
Such safeguards would likely include limiting personal credit and customer suitability tests, and assessing how to “mitigate consumer harm.” to me to advertise.