Beleaguered crypto lender Hodlnaut is facing possible liquidation after the firm’s creditors reject the company’s proposed restructuring plan. Creditors are instead seeking liquidation of the lender’s assets.
Reports by Bloomberg indicate that Hodlnaut’s creditors would rather have the firm liquidated and said that it better serves their interests according to a filing prepared by Hodlnaut’s interim judicial managers. Under the proposed restructuring plans, Holdnaut’s directors, who were at the helm during its collapse, would continue managing the company. According to one of the creditors, Algorand Foundation, liquidations would instead “maximize the company’s remaining assets available for distribution.”
Hodlnaut first showed signs of trouble in August 2022 when the firm suspended customer withdrawals citing “volatile market conditions” and a liquidity issue. However, it later came to the surface that the company downplayed its exposure to the collapsed Terra e
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