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Hodlnaut’s Bid for Survival, Selling Firm, and FTX Claims to Potential Buyers appeared first on Coinpedia Fintech News
Hodlnaut, a Singapore-based crypto firm that collapsed following huge exposure to the Terra Luna UST, is reportedly in serious talks with potential buyers to liquidate remaining assets. According to a Bloomberg report, prospective buyers contacted the named provisional court managers to inquire into Hodlnaut's crypto assets, including claims against the collapsed FTX crypto exchange.
“Various parties who are interested in acquiring Singapore-based Hodlnaut’s crypto platform and FTX claims have contacted the interim judicial managers overseeing the company after it sought protection from creditors,” an affidavit seen by Bloomberg .
Reportedly, Hodlnaut’s FTX accounts held 514 Bitcoin, 1,395 Ether, 280,348 USD Coin
USDC tokens and 1,001 FTX (FTT) tokens. Hodlnaut owned over $18 million in digital assets on centralized exchanges such as ftx, deribit, binance, okx and tokenize according to court records.
Hodlnaut's creditors, while holding significant assets that deserve to be restructured and reopened, declined the offer asking for immediate liquidation. As a result, there were close discussions between the Interim Judicial Managers to liquidate the available Hodlnaut assets.
Potential buyers are inquiring about the struggling crypto lender Hodlnaut and its claims against bankrupt digital-asset exchange FTX https://t.co/5gZ2V2Jmwc
— Bloomberg Crypto (@crypto) February 6, 2023
Hodlnaut disappears from the scene.
Co-founded by Juntao Zhu and Simon Lee in 2019, Hodlnaut provided crypto services with up to 7.25 percent interest in APY. When the company closed, it said it had about $250 million in assets for its more than 10,000 customers. The company advertised weekly payments and instant withdrawals, attracting customers who had no idea.
With the $45 billion Terra Luna meltdown that is not close to being solved and probably should not be solved soon, Hodlnaut creditors have given up hope that one day they will be compensated by the do kwon team. As such, Hodlnaut's creditors are attempting to liquidate existing assets and absorb any remaining losses.
