The High Court in Singapore has ordered the liquidation of Hodlnaut, a cryptocurrency lending platform, affecting 17,000 users. The court document, dated November 10, appoints Aaron Loh Cheng Lee and Ee Meng Yen Angela from EY as the joint liquidators for Hodlnaut. This decision comes after they were initially appointed as interim judicial managers on August 29 to oversee the struggling startup. Hodlnaut suffered significant losses of around $190 million due to its investments in the Terra ecosystem, which experienced a major collapse. The company's directors did not fully disclose their involvement with the Terra/Luna platform before and after its downfall in May 2022. Hodlnaut suspended customer withdrawals in July 2022 and the Singapore High Court appointed interim judicial managers to oversee restructuring efforts. Prior to liquidation, Hodlnaut offered high interest rates to depositors. The prospects of users recovering their deposits remain uncertain. Potential buyers have shown interest in acquiring Hodlnaut, but the company has rejected purchase offers. Hodlnaut owes a combined $160.3 million to major crypto and fintech companies. OPNX, a digital asset exchange, proposed a takeover of Hodlnaut and offered to inject $30 million worth of FLEX digital tokens for a partial creditor payout.
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