Cryptocurrency Lender Hodlanut Allegedly Found Potential Buyers
Popular cryptocurrency lending company Hodlnaut is reportedly negotiating the sale of its business and other assets with several potential investors in line.
Currently, Hodlnaut’s interim judicial managers are in the process of negotiating NDAs with potential investors.
An NDA (non-disclosure agreement) is a legally binding contract establishing a confidential relationship in which the parties agree that sensitive information they may obtain will not be disclosed to any other.
According to a Bloomberg report, a number of interested parties have inquired about purchasing Hodlnaut and its claims against the defunct cryptocurrency exchange FTX.
The troubled crypto lender owed around $160 million to companies and entities. Among that list are well-known names such as Algorand Foundation, Samtrade Custodian, S.A.M. Fintech, and Jean-Marc Tremeaux, as of 9 December 2022.
Data shows that Hodlnaut held 514 Bitcoin (BTC), 1,395 Ether (ETH), 280,348 USD Coin (USDC), and 1,001 FTT on the bankrupt cryptocurrency exchange FTX.
The company was forced into insolvency after the 2022 bear market and the following liquidity crisis.
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A Singapore court allowed Hodlanut to organize a restructure of its business after freezing withdrawals back in August 2022.
The company’s creditors reportedly demanded immediate liquidation and distribution of remaining assets among them in order to maximize the remaining value.
Hodlnaut wasn’t the only crypto lender that fell victim to the harsh crypto winter – industry giants such as Celsius Network, BlockFi, Genesis, Vauld also came across serious financial troubles, which led to bankruptcy.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
