TechFlow reports, citing Tech in Asia, that Singapore-based cryptocurrency platform Hodlnaut may face a court decision on dissolution or restructuring during a hearing scheduled for August 7. This follows the interim judicial manager's (IJM) application on April 25 to terminate proceedings, stating that major creditors including Samtrade Custodian and the Algorand Foundation are unwilling to continue negotiations on a restructuring agreement.
According to court disclosures, 55.8% of Hodlnaut's creditors favor the company's liquidation. The firm currently faces creditor claims amounting to approximately S$409 million (US$304 million). Nevertheless, Hodlnaut founders Simon Lee and Zhu Juntao have informed the court of their opposition to the liquidation application.
