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The founders of Singapore-based crypto lender Hodlnaut Pte proposed selling the business as a better option for creditors than liquidating the embattled firm.
Simon Lee said in an affidavit seen by Bloomberg News that he and Hodlnaut’s other co-founder Zhu Juntao have reached out to a number of “potential white knight investors.”
Lee stated that the co-founders believe that "the Hodlnaut user base can be acquired and embedded on the platforms of digital assets held or affiliated with these investors." He claimed that this would "maximise" the value to creditors.
The company did not immediately reply to an email requesting feedback on the Co-Founder proposal.
Hodlnaut, also based in Hong Kong, stopped withdrawals in August and was granted creditor protection. It has been one of a number of crypto lenders around the globe that has had problems in last year's digital-asset rout.
The main Hodlnaut creditors declared in January that winding up the company was the best way to serve their interests. Hodlnaut had minimised his exposure to the crypto fugitive do kwon's collapse terra digital-token ecosystem, but actually suffered a loss of almost $190 million.
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