Singapore-based cryptocurrency lending platform Hodlnaut, which is going through a restructuring process, wants to sell the business.
The interim governors, who were appointed to oversee the process last summer, released a statement. In it, co-founder Simon Lee suggested that selling the business would be a better option for creditors than liquidating the firm. In this regard, Li, along with fellow co-founder Zhu Juntao, have already contacted several potential investors, reports Bloomberg.
August 8 Hodlnaut suspended withdrawals, swaps and deposits of tokens due to the liquidity crisis. The reason was the current situation in the cryptocurrency market. The company also withdrew its application for a license from the Monetary Authority of Singapore to conduct exchange transactions. At the same time, the platform continued to pay interest to customers for another two weeks.
The company has disabled social media accounts and left only a few official channels. Hodlnaut founder Juntao Zhu has closed his Twitter account.
Hodlnaut’s problems began with the collapse of Terra’s algorithmic stablecoin UST, with management denying ties to LUNA. The company lost $190 million, and that was the beginning of the end.
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