Hodlnaut Co-Founders Propose Selling Business to Maximize Value for Creditors
Troubled cryptocurrency lender Hodlnaut's co-founders propose a new plan that would better benefit creditors.
According to Bloomberg on March 1, the co-founders of Hodlnaut, Simon Lee and Zhu Juntao have proposed to sell their business instead of liquidating its assets.
The crypto lender filed for bankruptcy protection in August after losing $190 due to the Terra-Luna collapse.
An interim judicial manager was appointed to manage its affairs, and a restructuring plan was proposed to pool the company’s assets and issue a new token to creditors.
However, some creditors rejected the plan and sought to liquidate the company.
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Lee and Juntao have submitted an affidavit to the court seeking to sell the business, stating that it would maximize value for creditors and increase the user base of investors.
The co-founders are reportedly in discussions with potential investors to finalize the details of the sale.
Alexander Stefanov
Reporter at CoinsPress
Alex is Editor-in-Chief of Coinspress and co-founder of Millennial Media Group, with nearly a decade of experience covering financial markets - crypto first, then everything else. It started in 2016 with Bitcoin. Like most people at the time, he didn't fully understand it - so he kept digging. Blockchain, tokenomics, the projects, the cycles. That curiosity never stopped, and eventually pulled him into traditional markets too: equities, commodities, macro. Not because he left crypto behind, but because you can't properly understand one without the other. What drives him is straightforward: he wants to know why something is happening, not just that it's happening. Most market coverage stops at the headline - price up, price down, here's a chart. Alex finds that kind of reporting actively unhelpful. If you walk away from an article without understanding the mechanism behind the move, what did you actually learn? He holds a degree in Tourism from New Bulgarian University - not the most obvious path into financial markets, but markets have a way of pulling in people who are simply too curious to stay out. He has authored over 200 in-depth analyses and more than 10,000 articles across crypto and traditional finance. He still thinks every day in markets teaches him something new. That's probably why he hasn't stopped.
