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Algorand Foundation Among Creditors Opposing Restructuring of Troubled Crypto Exchange Hodlnaut
The Algorand Foundation declared $35 million in exposure to the lender in September.
Updated May 9, 2023, 4:13 a.m. Published Apr 25, 2023, 2:53 p.m.
Several of the largest creditors of troubled Singaporean crypto lender Holdnaut have indicated they want the company to be placed in liquidation as opposed to a restructuring, according to a court filing published by Hodlnaut's judicial managers.
The creditors that oppose a restructuring include Samtrade Custodian Limited, which is currently in liquidation, and the Algorand Foundation. These creditors have claims worth $228 million Singaporean dollars (US$170 million).
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The announcement published by Hodlanut's judicial manager states that there is "no white knight investor" for the lender, leading to an absence of fresh capital.
Creditors initially indicated a preference for liquidation in January, with the Algorand Foundation stating in a court filing that liquidation would "maximize the company's remaining assets available for distribution."
In September, the Algorand Foundation declared that it had $35 million in exposure to Hodlnaut.
The Algorand token (ALGO) is currently trading at 18 cents, having dropped by 3.34% in the past 24 hours, according to CoinDesk data.
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