Hodlnaut heading for liquidation after failure of restructuring, sale efforts

Hodlnaut prevented forced liquidation by using for and getting court-appointed IJMs. OPNX, founded by former 3AC creators Su Zhu and Kyle Davies, amongst others, used $30 million worth of its FLEX token for a 75% share in Hodlnaut in August 2023, but that offer was rejected by the IJMs the following month after the value of FLEX plunged by 90%. A U.S. court approved the bankruptcy strategy of crypto lender Celsius on Nov. 9.

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Former Hodlnaut interim judicial supervisor (IJM) Aaron Loh Cheng Lee announced in a letter dated Nov. 10 and posted on the site of EY that he and fellow IJM Ee Meng Yen Angela have actually been released from that position and appointed liquidators. Singapore-based Hodlnaut suspended deposits and withdrawals and at the same time withdrew its licensing application before the Monetary Authority of Singapore on August 8, 2022. According to Lees letter, Hodlnauts lenders consist of 17,000 users.

Former Hodlnaut interim judicial manager (IJM) Aaron Loh Cheng Lee revealed in a letter dated Nov. 10 and published on the site of EY that he and fellow IJM Ee Meng Yen Angela have been discharged from that position and designated liquidators. According to Lees letter, Hodlnauts creditors consist of 17,000 users. OPNX, established by previous 3AC founders Su Zhu and Kyle Davies, among others, provided $30 million worth of its FLEX token for a 75% share in Hodlnaut in August 2023, but that offer was rejected by the IJMs the following month after the value of FLEX dropped by 90%.