Bloomberg reports possible sale of Hodlnaut and its claims against FTX

The administrators are in the process of signing non-disclosure agreements with several potential buyers of the Hodlnaut crypto-lending platform. This, according to Bloomberg.

Counterparties have also shown interest in the firm’s claims against the bankrupt exchange FTX.

As of December 9, Hodlnaut Group owed a total of $160.3 million (62% of the outstanding debt) Algorand Foundation, Samtrade Custodian, S.A.M. Fintech and Jean-Marc Tremo, according to the documents.

The company’s FTX accounts were listed 514 BTC, 1,395 ETH, 280,348 USDC and 1,001 FTT. About 72% of the 18.4 million SGD ($14 million) in equivalent that Hodlnaut had placed on centralized platforms was on the exchange.

On August 8, 2022, the Singapore-based crypto company suspended withdrawals, swaps and token deposits. Hodlnaut immediately sought court protection from creditors.

The platform also laid off 80% of its staff in order to cut costs.

The company acknowledged a capital deficit of $193 million. Of this amount almost $190 million was linked to losses suffered by the platform as a result of the Terra ecosystem collapse.

In November, the Singapore police opened an investigation into the company and its management in connection with suspicions of fraud and deception.

Earlier in January, Hodlnaut said that there was a possibility of liquidation after creditors rejected the proposed restructuring plan.