Singapore-based cryptocurrency lending platform Hodlnaut has been ordered by the High Court to liquidate, according to a court document dated November 10.

The court appointed Aaron Loh Cheng Lee and Ee Meng Yen Angela, both from corporate advisory firm EY, as the joint liquidators of Hodlnaut. This comes after the two were appointed as interim judicial managers on August 29 to oversee the struggling startup.

Hodlnaut faced significant losses amounting to approximately $190 million due to its investments in the Terra ecosystem, which experienced a dramatic collapse.

A judicial report suggested that the company’s directors had not fully disclosed the extent of its engagement with the Terra/Luna platform before and after its downfall in May 2022. The situation placed Hodlnaut alongside other financial entities like Celsius, Voyager Digital, and Three Arrows Capital, which similarly suffered from their involvement with Terra’s algorithmic stablecoin UST.

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Author: Stacy Elliott

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