Dear reader,
The liquidation of Singapore-based cryptocurrency lender Hodlnaut marks a significant development in the crypto lending sector.
Hodlnaut faced challenges after incurring substantial losses of US$189 million linked to the collapse of the Terra ecosystem in May 2022. The rejection of a restructuring plan by Hodlnaut creditors in favour of liquidation underscores the complexities and risks in the crypto space.
This event also highlights the importance of due diligence and risk management in the industry. The broader context reveals the dynamic nature of the cryptocurrency market, which is susceptible to sudden ecosystem collapses and regulatory changes. It emphasises the need for a robust regulatory framework to protect stakeholders and enhance market stability.
As the crypto landscape evolves, incidents like Hodlnaut’s liquidation underscore the importance of risk-aware strategies for both market participants and regulatory authorities.
Sainul,
Editor.
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Singapore crypto exchange Hodlnaut to be liquidated
Hodlnaut, which lost millions in the crash of the Luna and Terra tokens, had applied for creditor protection in August 2022; Hodlnaut’s founders tried to sell the company to OPNX, a digital asset exchange established by the founders of failed hedge fund Three Arrows Capital.
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The post Ecosystem Roundup: Hodlnaut to be liquidated; Crypto firms in MY in jittery following court order against Luno appeared first on e27.