Representations of the Ripple, Bitcoin, Etherum and Litecoin digital currencies are seen on a PC motherboard on this illustration image, February 14, 2018. REUTERS/Dado Ruvic/Illustration/File Picture
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Aug 30 (Reuters) – Hodlnaut stated on Tuesday it has been positioned beneath interim judicial administration by the Singapore Excessive Courtroom, after the troubled cryptocurrency lender suspended withdrawals earlier this month.
Judicial administration permits a financially distressed firm to be restructured beneath courtroom supervision.
The Singapore-based crypto agency stated the courtroom had appointed Ee Meng Yen Angela and Aaron Loh Cheng Lee of EY Company Advisors as interim judicial managers. (https://bit.ly/3QZQxaj)
“We won’t be able to supply additional info at this juncture, however hope to supply additional updates as soon as our IJMs (Interim Judicial Managers) decide it essential to take action,” Hodlnaut stated.
Earlier this month, Hodlnaut suspended withdrawals, swaps and deposits to give attention to stabilizing its liquidity and preserving the corporate’s property. learn extra
Hodlnaut is the newest in a string of crypto gamers globally to run into difficulties following a pointy unload in markets that began in Could with the collapse of two paired tokens, Luna and TerraUSD.
The corporate additionally stated it had laid off about 40 staff, whereas additionally disclosing an investigation by the Singapore police. learn extra
Reporting by Rishabh Jaiswal in Bengaluru; Modifying by Krishna Chandra Eluri
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