Jamie McNeill
The Singaporean crypto lending firm Hodlnaut has continued to insist that the best path forward for the firm is to pursue the route of selling the firm, despite the fact that many of their creditors would apparently prefer it if the company were simply liquidated.
Once one of the largest crypto lending companies in the entire space, Hodlnaut was forced to suspend operations thanks to the bear market of 2022, which they were largely unprepared for.
They were further impacted by the collapse of FTX towards the end of the year, which was the nail in the coffin for the company.
Gary Gensler's track record on "protecting retail investors" is very questionable given the lack of action on risky products and influencer scams, including:
– Terra
– FTX
– BlockFi
– Celsius
– Binance
– Voyager
– HodlNaut
– GrayscaleRT if you think Gary needs to resign.
— Mr. Whale (@WhaleWire) February 20, 2023
Co-founder Simon Lee believes he can still find white knights investors
The company has already sought many times to find other firms that would be willing to buy them out, but have not been successful thus far.
His other co-founder, Zhu Juntao, has also reiterated that she shares this belief, and that they have been in touch with numerous firms who remain interested in acquiring the company and its assets.
Many Hodlnaut creditors just want the company to be liquidated
News of the co-founders seeking further time to talk with potential white knight investors comes after large creditors such as Algorand rejection a restructuring proposal that was submitted in January.
The reason they rejected the proposal was because the restructuring plan would allow the company’s directors to spend more time engaging with bureaucracy, when their largest creditors don’t agree with the two co-founders that this is the right road to pursue -rather, the largest creditors believe that the best thing the company can do at this stage is to sell their assets and close shop.
Relevant news:
- Hodlnaut Trims 80% of its Workforce, Confirms Police “Pending Proceedings”
- Singapore Investigates Crypto Lender Hodlnaut for Fraud – Is The Crypto Wild West Ending?
- Algorand Foundation Faces Likely Losses of $35m in Hodlnaut Exposure
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This article was written for Business 2 Community by Jamie McNeill.
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