hodlnaut

According to Cryptopolitan, the former CEO of the Singaporean crypto lending platform Hodlnaut, Zhu Juntao, has been charged with six counts of fraudulent misrepresentation for allegedly misleading users about the exposure to TerraUSD. Hodlnaut invested $317 million from user accounts into Terra's Anchor Protocol without disclosure, resulting in a loss of $189.7 million after the UST collapse. When the platform shut down in August 2022, it owed users approximately $281 million, with assets of only $88 million, creating a shortfall of about $193 million.Prosecutors allege that Zhu Juntao instructed employees to make false promises in official Telegram groups and emails during and after the UST collapse, including claims that the company had not invested in LUNA or UST and had not suffered losses. Zhu Juntao pleaded not guilty in court, and a pre-trial conference is scheduled for June 2026. If convicted, each charge carries a maximum sentence of 20 years in prison.

ChainCatcher news, Singapore's crypto lending platform Hodlnaut stated on the X platform that Ms. Ee Meng Yen Angela and Mr. Aaron Loh Cheng Lee will be relieved of their duties as joint executive judges of Hodlnaut and appointed as joint and individual liquidators. Other details about the company (including the value of any remaining assets) have not been disclosed.Previously, the crypto lending platform Hodlnaut announced a halt to withdrawals, trading, and deposits, and withdrew its application to MAS. It then accepted interim judicial management, with Angela and Cheng Lee serving as managers, to avoid creditors forcing Hodlnaut into liquidation and to provide Hodlnaut with an opportunity for restructuring.

ChainCatcher news, the interim judicial manager of Singaporean cryptocurrency lending company Hodlnaut has opposed the acquisition terms proposed by the cryptocurrency claims and trading platform Open Exchange (OPNX). According to court documents seen by Bloomberg, the manager stated that the $30 million FLEX digital token offer from OPNX "lacks liquidity" and has "speculative value." The majority of creditors, who account for 60% of Hodlnaut Group's total debt, also oppose the deal.The documents also raised other concerns, including "no injection of cash or similar liquid assets" (such as Bitcoin or Ethereum), no timeline for repaying creditors' debts, and a lack of details on payments other than the 30% liabilities.Previously, it was reported that OPNX plans to inject $30 million worth of FLEX tokens to acquire a 75% stake in Hodlnaut.

ChainCatcher news, regarding the recent report of "OPNX planning to inject $30 million into Hodlnaut", Hodlnaut responded that Hodlnaut founder & director Simon Lee had emailed the interim judicial manager (IJM) at the end of July mentioning this offer and requested users to reply, indicating their support for the directors' application to suspend execution to advance the proposed offer.However, Hodlnaut stated that this email was distributed without the authorization or approval of the IJM. The IJM has never been in contact with OPNX, has never received any investment offers from OPNX, and is unaware of any statements the board may have made to OPNX regarding the company.The IJM also wishes to emphasize that the directors were stripped of their management rights over the company as early as August 29, 2022, and the directors do not have the authority to represent the company in any discussions with potential white knights. Meanwhile, the IJM reminds users that it is not responsible for the statement that "the approximate return in liquidation is 22 cents."

ChainCatcher news, according to Bloomberg, citing informed sources, the crypto claims and trading platform OPNX plans to inject $30 million worth of FLEX digital tokens into the crypto lending platform Hodlnaut to fund partial payments to creditors and complete the claims process.According to the relevant terms, after the FLEX injection, OPNX will own 75% of Hodlnaut. The document mentions that if creditors agree to the plan, they will receive 30% of FLEX and other token claims, or a proportional payment of up to 95% of the total available corporate asset pool, whichever is higher.

According to ChainCatcher, a court document released by the judicial manager of the bankrupt crypto lending platform Hodlnaut shows that several of Hodlnaut's largest creditors stated, "they wish to liquidate the company rather than restructure it." Creditors opposing the restructuring include the Algorand Foundation and Samtrade Custodian Limited, which is currently in liquidation. The claims of these creditors are valued at approximately $170 million. (Source link)

ChainCatcher news, according to Bloomberg, the founder of the cryptocurrency lending platform Hodlnaut, Simon Lee, stated that for creditors, the proposal to sell the company's business is more suitable than bankruptcy liquidation, and Hodlnaut's user base can be directly taken over by the acquiring party's platform. Currently, Simon Lee and another co-founder of Hodlnaut, Zhu Juntao, are in discussions with potential acquirers regarding the acquisition.ChainCatcher previously reported that in January this year, the main creditors of the cryptocurrency lending platform Hodlnaut rejected a proposed restructuring plan and preferred to liquidate the company. In February, it was reported that potential investors had expressed interest in acquiring Hodlnaut and its claims against FTX, and had contacted Hodlnaut's interim judicial manager. (Source link)

ChainCatcher news, according to Bloomberg, potential investors have expressed interest in acquiring the crypto lending platform Hodlnaut and its claims against FTX, and have contacted Hodlnaut's interim judicial manager. Documents seen by Bloomberg indicate that the judicial managers are signing confidentiality agreements with potential investors.The documents show that as of December 9, Hodlnaut Group owes a total of $160.3 million to Algorand Foundation, Samtrade Custodian, SAM Fintech, and Jean-Marc Tremeaux, accounting for 62% of the outstanding debt. Additionally, documents from November 2022 indicate that Hodlnaut's assets on FTX accounted for 72% of its assets deployed on centralized exchanges, approximately $14 million. (Bloomberg)

ChainCatcher news, according to Bloomberg, creditors of the crypto lending platform Hodlnaut have rejected the restructuring plan proposed by Hodlnaut, which would allow the directors who have been steering the company during its collapse to continue managing it. The court-appointed interim judicial manager stated that liquidation and closure of the company are in the best interests of the creditors. One of the creditors, the Algorand Foundation, indicated in documents that action should be taken as soon as possible to maximize the remaining distributable assets of the company. (source link)

ChainCatcher news, the Singapore police have begun an investigation into the cryptocurrency lending platform Hodlnaut. The police stated that they received multiple complaints between August and November, describing how Hodlnaut and its directors falsified the company's exposure to certain cryptocurrencies (or UST). (Source link)

According to ChainCatcher news, as reported by Techinasia, the crypto lending platform Hodlnaut has been concealing financial documents from the interim judicial manager, who discovered through Google Drive logs that Hodlnaut secretly deleted a folder named "UST loss" after telling clients they had no UST exposure. (source link)

According to The Block, the Algorand Foundation stated that it has an exposure of $35 million USDC to Hodlnaut, a troubled cryptocurrency lending company that halted customer withdrawals last month.Algorand stated that this amount accounts for less than 3% of the Algorand Foundation's assets, but it does not expect any operational or liquidity issues. The Algorand Foundation mentioned that it is seeking all legal remedies to maximize asset recovery from Hodlnaut. (Source link)