Potential buyers looking to purchase Hodlnaut and its FTX claims News ▸ Singapore ▸ FTX ▸ Bankruptcy
Potential buyers looking to purchase Hodlnaut and its FTX claims
Around $14 million worth of assets, or 72% of the assets Hodlnaut deployed on centralized exchanges were on FTX.
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Updated: Feb. 6, 2023 at 12:01 pm UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
Potential buyers are interested in purchasing embattled crypto lender Hodlnaut and its claims against defunct crypto exchange FTX, Bloomberg reported on Feb. 6. citing affidavits.
The documents note that different parties are “interested in acquiring” Singapore-based Hodlnaut and have contacted the interim judicial managers of the firm. Hodlnaut filed for protection from creditors in August 2022, shortly after it halted customer withdrawals.
The report noted that the judicial managers are looking to enter into non-disclosure agreements with the potential buyers. The affidavit also showed that Hodlnaut owes creditors a total of $160.3 million.
A November 2022 filing indicated that 72% of the assets Hodlnaut deployed on centralized exchanges were on FTX and valued at $14 million.
Meanwhile, Hodlnaut creditors turned down a proposed restructuring plan in January and said they preferred to liquidate the collapsed firm instead.
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Monika Ghosh
In 2020, Monika immersed herself in crypto, maintaining skepticism yet firmly believing blockchain could address key issues like financial disparity and transparency. A book-lover, she's also a passionate food enthusiast.
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FTX
FTX is a defunct cryptocurrency exchange, currently in bankruptcy proceedings, that was founded by Sam Bankman-Fried and Zixiao “Gary” Wang in May 2019.