Tradingfxdaily.com
  • Home
  • Forex
  • Crypto News
    • NFT News
  • World News
  • Business
  • Stock Market
  • Economic Calendar
No Result
View All Result
  • Home
  • Forex
  • Crypto News
    • NFT News
  • World News
  • Business
  • Stock Market
  • Economic Calendar
No Result
View All Result
Tradingfxdaily.com
No Result
View All Result
Home Crypto News

Embattled Crypto Lender Hodlnaut Seeks Judicial Management in Order to Rehabilitate the Company – Bitcoin News

tradingfxdaily by tradingfxdaily
August 16, 2022
in Crypto News
0
Embattled Crypto Lender Hodlnaut Seeks Judicial Management in Order to Rehabilitate the Company – Bitcoin News
189
SHARES
1.5k
VIEWS
Share on FacebookShare on Twitter

Eight days ago, the crypto lender Hodlnaut announced that the platform was suspending withdrawals after citing volatile market conditions. This week the company says it is seeking judicial management that aims to “provide the best chance of recovery.”

Hodlnaut Updates Customers — Crypto Lender Asks Singapore High Court for Judicial Management

The crypto lender Hodlnaut is looking for help from the courts so the platform can “avoid a forced liquidation” of the company’s assets. Last week on August 8, 2022, the crypto startup paused withdrawals and noted that the firm was “actively working on the recovery plan.” Hodlnaut believes that leveraging court-appointed management is the best move forward and on August 13, 2022, Hodlnaut registered for judicial management with the Singapore High Court.

Under Singapore law, companies under financial distress can recuperate losses with help from a judicial manager. The scheme also puts claims and legal proceedings against Hodlnaut on pause. “This pause will provide us with the breathing space to focus our efforts on the recovery plan to rehabilitate the company,” Hodlnaut explained on Tuesday. Hodlnaut hopes to appoint Mr. Tam Chee Chong of Kairos Corporate Advisory Pte Ltd as the interim judicial manager.

However, even though the company has filed to register for court-appointed management, the court has not processed the applications, and Hodlnaut says things could change. The company plans to update the public on August 19, in order to “provide more substantive updates on the judicial management process.” Hodlnaut’s withdrawal pause and financial issues follow companies like Celsius, Voyager Digital, Babel Finance, and Vauld freezing withdrawals as well.

Hodlnaut says the time frame to get judicial management from the Singapore High Court may take up to a few months. At the very bottom of the blog post, there’s a set of frequently asked questions and one of the questions asks if all of the customers’ funds are gone. Hodlnaut states “No, while Hodlnaut is facing a difficult financial situation at the moment, not all your assets are gone. As it stands, as we have halted all withdrawals, no user will receive priority in withdrawals.” The crypto lender’s blog post concludes:

We understand the anxiety this news has caused our users, and we endeavor to provide more frequent updates moving forward.

Tags in this story
Chang Teck Goh, Damodara Ong, frozen withdrawals, Hodlnaut, Hodlnaut clients, Hodlnaut customers, Hodlnaut team, Hodlnaut update, Hodlnaut withdrawals, Juntao Zhu, Kairos Corporate Advisory, MAS, Monetary Authority of Singapore, Mr. Tam Chee Chong, operations pause, Pause withdrawals, recovery plan, Singapore, Singapore High Court

What do you think about the recent Hodlnaut update? Let us know what you think about this subject in the comments section below.

Jamie Redman

Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 5,700 articles for Bitcoin.com News about the disruptive protocols emerging today.




Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

More Popular News

In Case You Missed It

Source link

Related articles

Crypto Association in Turkey Vows to Block Exchanges That ‘Victimize Traders’ – Exchanges Bitcoin News

Crypto Association in Turkey Vows to Block Exchanges That ‘Victimize Traders’ – Exchanges Bitcoin News

January 29, 2023
Litecoin Displays Consolidation, Expect A Reversal Soon?

Litecoin Displays Consolidation, Expect A Reversal Soon?

January 29, 2023
Share76Tweet47

Related Posts

Crypto Association in Turkey Vows to Block Exchanges That ‘Victimize Traders’ – Exchanges Bitcoin News

Crypto Association in Turkey Vows to Block Exchanges That ‘Victimize Traders’ – Exchanges Bitcoin News

by tradingfxdaily
January 29, 2023
0

A new organization has been established in Turkey with the aim to monitor and help develop the country’s crypto sector,...

Litecoin Displays Consolidation, Expect A Reversal Soon?

Litecoin Displays Consolidation, Expect A Reversal Soon?

by tradingfxdaily
January 29, 2023
0

The Litecoin price has shown considerable recovery ever since it reached its bottom in December 2022. LTC secured almost 50%...

Bitcoin ‘so bullish’ at $23K as analyst reveals new BTC price metrics

Bitcoin ‘so bullish’ at $23K as analyst reveals new BTC price metrics

by tradingfxdaily
January 29, 2023
0

Bitcoin (BTC) remains firmly “bullish” at $23,000, according to new on-chain metrics from one of the industry’s best-known names.In a...

Robert Kiyosaki Says ‘We Are in Global Recession’ — Warns of Soaring Bankruptcies, Unemployment, Homelessness – Economics Bitcoin News

Robert Kiyosaki Says ‘We Are in Global Recession’ — Warns of Soaring Bankruptcies, Unemployment, Homelessness – Economics Bitcoin News

by tradingfxdaily
January 29, 2023
0

The famous author of the best-selling book Rich Dad Poor Dad, Robert Kiyosaki, says that we are in a global...

Yuga Labs co-founder to take leave of absence due to health reasons

Yuga Labs co-founder to take leave of absence due to health reasons

by tradingfxdaily
January 29, 2023
0

Nonfungible token (NFT) entrepreneur Wylie Aronow of Yuga Labs — the team behind Bored Ape Yacht Club (BAYC) and CryptoPunks...

Load More
  • Trending
  • Comments
  • Latest
Short SPX: Top Trade Opportunities

Short SPX: Top Trade Opportunities

April 5, 2022
The Top 5 Metaverses to Look Out for in 2022

The Top 5 Metaverses to Look Out for in 2022

March 26, 2022
What is Leverage in Forex? Forex Leverage Explained

What is Leverage in Forex? Forex Leverage Explained

April 19, 2022

Larry Fink says globalization is over — Here’s what it means for the markets

March 26, 2022
Tesla Stock Split: What to Know as EV Maker Prepares to Split Its Stock in 2022

Tesla Stock Split: What to Know as EV Maker Prepares to Split Its Stock in 2022

March 28, 2022
Oil bulls continue to run into sellers ahead of $83

Oil bulls continue to run into sellers ahead of $83

0

In a Less-Globalized World, Be Careful Where You Park Your Plane

0
Cardano pares most of its Q1 losses as ADA rebounds 60% in a month — What’s next? By Cointelegraph

Cardano pares most of its Q1 losses as ADA rebounds 60% in a month — What’s next? By Cointelegraph

0

Larry Fink says globalization is over — Here’s what it means for the markets

0
Natural-Gas Industry Gets Boost as Biden Shifts Stance

Natural-Gas Industry Gets Boost as Biden Shifts Stance

0
Oil bulls continue to run into sellers ahead of $83

Oil bulls continue to run into sellers ahead of $83

January 29, 2023
Indigenous boy with autism should not have been handcuffed at Vancouver hospital, says mother

Indigenous boy with autism should not have been handcuffed at Vancouver hospital, says mother

January 29, 2023
China’s 2022 smartphone shipments the lowest in 10 years

China’s 2022 smartphone shipments the lowest in 10 years

January 29, 2023
Crypto Association in Turkey Vows to Block Exchanges That ‘Victimize Traders’ – Exchanges Bitcoin News

Crypto Association in Turkey Vows to Block Exchanges That ‘Victimize Traders’ – Exchanges Bitcoin News

January 29, 2023
‘Quite A Serious Danger’ Of Crushing Stock Market

‘Quite A Serious Danger’ Of Crushing Stock Market

January 29, 2023
Tradingfxdaily.com

Tradingfxdaily.com is your Forex, Stock News, World News, Crypto Currency News, Business News & NFT News Website. We provide you with the latest breaking news and videos straight from the Trading industry.

  • Home
  • About us
  • Contact Us
  • Privacy Policy

© 2022 - All Right Reserved. tradingfxdaily.com

No Result
View All Result
  • Home
  • Forex
  • Crypto News
    • NFT News
  • World News
  • Business
  • Stock Market
  • Economic Calendar

© 2022 - All Right Reserved. tradingfxdaily.com

EURUSD=X 
$1.09  -0.16%  
EURCAD=X 
$1.45  -0.30%  
EURJPY=X 
$141.09  -0.45%  
GBPUSD=X 
$1.24  -0.10%  
EURNZD=X 
$1.67  -0.30%  
AUDUSD=X 
$0.7106  -0.15%  
CADUSD=X 
$0.7514  0.10%