Hodlnout’s legal manager was in the process of signing a non-disclosure agreement with potential buyers.
Troubled cryptocurrency lending firm Hoddleknot is reportedly working with several potential investors to sell its business and other assets.
Bloomberg reported on Feb. 6 that, several potential buyers have inquired about the acquisition of Hoddleknot and their claims against the collapsed crypto exchange FTX.
Hoddlenot’s interim legal administrators have received several offers to acquire the Singapore-based cryptocurrency as the company seeks protection from creditors. Judicial managers are now in the process of signing non-disclosure agreements with potential investors, the report said, citing an affidavit.
The affidavit indicated that by Dec. 9, 2022, Hoddlenot Group will have a total of $160.3 million – or 62% of the outstanding debt – owed to the Algorand Foundation, SamTrade Custodian, S.A.M. Fintech and Jean-Marc Tremeaux.
As mentioned earlier, Hoddlenot has 514 bitcoins in his FTX account
BTC is the one
The ticker has come down
22,349 dollars
, 1,395 Ether
The ETH is
The ticker has come down
1,569 dollars
, 280,348 USD Coins
The USDC
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$1.00 for the
tokens and 1,001 FTX
The FTT is
The ticker has come down
1.28 dollars
Tokens are used. The company holds more than $18 million in digital assets across centralized exchanges such as FTX, Deribit, Binance, OKX and Tokenize.
Once a large crypto credit platform, Hoddleknot was forced to cease operations due to a lack of liquidity due to a massive bear market in 2022. After freezing withdrawals in August, Hoddleknot sought creditor protection from a Singapore court, allowing the company was allowed to reorganize under the Court. surveillance The court appointed E Meng Yen Angela and Aaron Loh Cheng Lee of EY Corporate Advisors as interim judicial administrators.
Related: Celsius publishes a list of users eligible to withdraw most assets
It comes just weeks after Hoddlenot’s creditors rejected a proposed restructuring plan and are seeking liquidation of the platform’s assets. Instead, the creditors sought immediate liquidation and the division of the remaining assets among the creditors to maximize the remaining value.
Hoddleknot is one of several companies specializing in crypto lending services, which allow users to deposit cryptocurrencies lent to borrowers in exchange for regular interest payments. Crypto winter of 2022 has disrupted the operations of crypto lending companies, including Celsius Network, Blockfi, Genesys, Wold and others. Many industry leaders believe that crypto credits can still survive a bear market, but certain conditions must be met.
