Hodlnaut Seeks to Sell Business

According to recent reports, the struggling bitcoin lending company Hodlnaut is collaborating with a number of prospective buyers in an effort to sell its business as well as its other assets.

According to a story published by Bloomberg on February 6, a number of parties interested in acquiring Hodlnaut and its claims against the defunct cryptocurrency exchange FTX have shown interest in doing so.

After Hodlnaut filed for bankruptcy protection from its creditors, the company’s temporary judicial managers began receiving various acquisition offers for the company’s crypto business that is situated in Singapore. The report indicates, with reference to an affidavit, that the possible investors and the judicial managers are now in the process of signing non-disclosure agreements with one another.

According to what was allegedly stated in the affidavit, as of December 9, 2022, Hodlnaut Group owed a total of $160.3 million, which represented 62% of the company’s outstanding debt, to various businesses and organisations such as the Algorand Foundation, Samtrade Custodian, S.A.M. Fintech, and Jean-Marc Tremeaux.

According to information that was previously divulged, Hodlnaut’s FTX accounts had a total of 1,001 FTX (FTT) tokens, 514 Bitcoin (BTC), 1,395 Ether (ETH), 280,348 USD Coin (USDC) tokens, and so on. According to reports, the business has digital assets worth more than 18 million dollars listed on centralised exchanges such as FTX, Deribit, Binance, OKX, and Tokenize.

Hodlnaut, which had been a significant cryptocurrency lending platform in the past, was forced to cease operations in 2022 as a result of a shortage of liquidity brought on by a big bear market. Following the suspension of withdrawals in August, Hodlnaut successfully petitioned a Singapore court for protection from creditors, which enabled the company to reorganise itself while being overseen by the court. In their capacity as temporary judicial managers, the court chose Ee Meng Yen Angela and Aaron Loh Cheng Lee of EY Corporate Advisors.

The announcement comes several weeks after Hodlnaut’s creditors voted against a proposed restructuring plan and petitioned for the platform’s assets to be sold off in liquidation. Instead, it was stated that the creditors demanded a rapid liquidation and distribution of the assets that were still in existence among the creditors in order to maximise the value that was still there.

Users are able to deposit bitcoin, which is then loaned out to borrowers in exchange for monthly interest payments via Hodlnaut, one of the numerous organisations that specialises in providing services related to crypto lending. A number of crypto lending platforms, including Celsius Network, BlockFi, Genesis, and Vauld, have had operational difficulties as a result of the cryptocurrency winter of 2022. There are a lot of industry leaders who are of the opinion that crypto financing may still thrive despite the bear market; however, certain requirements must first be satisfied.

Source: https://Blockchain.News/news/hodlnaut-seeks-to-sell-business

Source: https://webfulnet.com/

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