#hodlnaut

[cryptomarkett]

Hodlnaut Founders Suggest Selling Firm to Avoid Liquidation

Hodlnaut 's founders have suggested selling the company to avoid liquidation. This strategic move could be the key to preserving the firm's future...Read More

[coinmystique]

In response to the most recent report, the interim judicial managers of beleaguered crypto lender Hodlnaut have rejected the most recent acquisition bid proposed by OPNX. The OPNX alternate, affiliated with the founders of collapsed hedge fund Three Arrows Capital (3AC), supplied to purchase a important 75% possession stake in troubled Hodlnaut in August 2023.Holdnaut, a Singapore-based crypto lender, was one other of the quite a few victims of the monetary disaster that rocked the crypto house in 2022. The crypto firm needed to halt withdrawals after dropping round $190 million to the Terra ecosystem’s crash.Hodlnaut Says $30 Million Provide Has “Speculative Value”In response to a current courtroom submitting reviewed by Bloomberg, Hodlnaut directors have opted out of the acquisition deal of the crypto lending agency, arguing that the $30 million supply of FLEX tokens is “illiquid” and has “speculative value.” In the meantime, a lot of the crypto lender’s collectors, who account for 60% of the whole debt, supported this determination. Within the report, Bloomberg alluded that the FLEX worth has declined by greater than 92% since OPNX made the acquisition bid in early August. In response to CoinGecko information, the FLEX token was valued at roughly $7 on the time of the supply. The cryptocurrency has been topic to excessive volatility these days, prompting its rise to $2.48 on Monday, September 18. Nonetheless, the FLEX Coin has since undergone a big worth correction, with its present worth at $0.584586.FLEX is the native cryptocurrency of the CoinFLEX alternate, which stopped withdrawals and filed for restructuring in June 2022. OPNX was launched by CoinFLEX founders Mark Lamb and Sudhu Arumugam, explaining the connection between the OPNX alternate and the FLEX token.Different Causes For Rejecting OPNX’s Takeover BidMoreover the issues concerning the FLEX token and its “speculative value,” the Hodlnaut directors put ahead different questions on the OPNX’s $30 million supply. Considered one of these points is the “no injection of cash or assets with similar liquidity.”Bloomberg revealed that the directors implied liquid tokens reminiscent of Bitcoin and Ether. The court-appointed interim managers additionally questioned the absence of “a timeline for repayment of creditors’ debt” and that there have been “no details of payment beyond 30% of liabilities.” It's price noting that the involvement of the embattled Three Arrows Capital founders, Kyle Davies and Su Zhu, in OPNX’s takeover bid has all the time been a supply of fear. Davies and Zhu are in a authorized battle with 3AC collectors in the US.The Three Arrows Capital founders have additionally confronted troubles outdoors the US, with the Financial Authority of Singapore (MAS) just lately issuing a 9-year ban towards them. This directive prohibits Davies and Zhu from partaking in regulated enterprise actions within the Southeast Asian nation.The cryptocurrency whole market cap on the day by day timeframe | Supply: TOTAL chart on TradingViewFeatured picture from Medium, chart from TradingViewSupply: https://www.newsbtc.com/information/hodlnaut-refuses-opnxs-30-million-offer-after-flex-token-declines-by-90/

[drewssam]

Report Reveals Hodlnaut Lost over $180 million in Terra Crash

A judicial report reveals that Hodlnaut incurred losses amounting to $189.7 million following the Terra incident, as outlined by Singapore High Court-appointed temporary judicial managers. The report alleges that Hodlnaut's directors understated the extent of the group's exposure to Terra/Luna both before and after the collapse of Terra in May 2022.

The Terra debacle saw confidence in Kwon's TerraUSD algorithmic stablecoin and Luna token diminish, resulting in a $60 billion loss and contributing to the broader crypto market crash. Hodlnaut's Hong Kong branch suffered approximately $190 million in losses when it liquidated cryptocurrency due to the destabilization of TerraUSD's peg to the US dollar.

The report states that on July 21, Hodlnaut's directors reversed their stance on the impact and informed Singapore police about the conversion of digital assets to TerraUSD, with a significant portion lent out through the Anchor Protocol, a DeFi network on the Terra blockchain. Key documents, including those deleted from Hodlnaut's Google Workplace, remain inaccessible to judicial managers, hindering insights into the company's operations. The report also highlights withdrawals totaling $776,292 by employees and underscores the Hong Kong office's role as the primary channel for the firm's DeFi investments.

[p5ravin]

Algorand Foundation Announces $35 Million Investment in Hodlnaut

Title: Algorand Foundation's Strategic Investment: Unveiling a $35 Million Commitment to Hodlnaut

Introduction:

In a groundbreaking move that further solidifies the intersection of blockchain technology and decentralized finance (DeFi), the Algorand Foundation has officially declared a substantial investment of $35 million in Hodlnaut. This strategic initiative not only underscores Algorand's dedication to fostering innovation within the blockchain ecosystem but also positions Hodlnaut as a key player in the ever-expanding landscape of decentralized financial services.

The Algorand-Hodlnaut Collaboration:

The announcement of the Algorand Foundation's $35 million investment in Hodlnaut marks a pivotal moment in the evolution of both platforms. Algorand, renowned for its secure and scalable blockchain infrastructure, is strategically aligning itself with Hodlnaut, a platform specializing in yield-generating financial services for digital assets.

The collaborative efforts between Algorand and Hodlnaut are poised to leverage the strengths of each platform. Algorand's advanced blockchain technology provides a robust foundation, while Hodlnaut's expertise in yield generation positions the partnership to explore new frontiers in decentralized finance. The infusion of $35 million serves as a powerful catalyst, propelling Hodlnaut into a position of prominence within the evolving DeFi sector.

Unlocking Value Through Yield Generation:

At the core of Hodlnaut's offerings is the concept of yield generation, a fundamental aspect of decentralized finance that aligns with the broader industry trend. Hodlnaut empowers users to earn attractive yields on their digital assets by engaging in lending or staking activities on the platform. With the backing of Algorand's secure and high-performance blockchain, users can participate in yield-generating activities with confidence, benefiting from a seamless and efficient experience.

The substantial capital injection from the Algorand Foundation is expected to accelerate the development of Hodlnaut's existing yield-generating products and potentially pave the way for the introduction of innovative financial instruments. This strategic investment positions both Algorand and Hodlnaut at the forefront of the rapidly evolving DeFi landscape, where the pursuit of sustainable and lucrative yield opportunities is a driving force.

Navigating the DeFi Landscape:

Decentralized finance has emerged as a transformative force, challenging traditional financial models by offering open and permissionless access to a spectrum of financial services. Algorand's foray into the DeFi landscape signifies its commitment to reshaping the future of finance through blockchain technology.

The strategic partnership with Hodlnaut enhances Algorand's DeFi ecosystem, introducing new possibilities for users to explore and capitalize on decentralized financial instruments. Algorand's blockchain infrastructure, with its focus on scalability and low transaction costs, aligns with the principles of DeFi, addressing some of the limitations faced by earlier blockchain platforms.

Strategic Capital Allocation:

The decision by the Algorand Foundation to allocate a substantial sum of $35 million to Hodlnaut goes beyond a mere financial investment. It underscores a strategic commitment to the long-term success and growth of Hodlnaut as a valuable partner within the Algorand ecosystem.

This injection of capital is poised to fortify Hodlnaut's position in the market, enabling the platform to attract top talent, expand its user base, and foster the development of cutting-edge financial products. The collaboration extends beyond a financial transaction, creating a symbiotic relationship where both Algorand and Hodlnaut can leverage each other's strengths to drive mutual success.

Regulatory Considerations:

As the DeFi landscape continues to evolve, regulatory considerations become paramount. The Algorand Foundation's investment in Hodlnaut brings to the forefront the importance of navigating regulatory challenges within the blockchain and cryptocurrency space.

Both entities will need to collaborate closely to ensure compliance with evolving regulations, fostering transparency and trust within the broader financial ecosystem. Regulatory alignment is crucial for sustaining growth and fostering widespread adoption of innovative financial services offered by platforms like Hodlnaut on the Algorand blockchain.

The Future of Algorand and Hodlnaut:

The unveiling of the Algorand Foundation's $35 million investment in Hodlnaut sets the stage for a compelling narrative in the blockchain and DeFi realms. This strategic move not only reinforces Algorand's position as a leading blockchain platform but also propels Hodlnaut into a prominent role within the decentralized finance space.

As this partnership unfolds, stakeholders, investors, and the broader blockchain community will be closely monitoring the developments that arise from this collaboration. The substantial capital infusion is expected to accelerate innovation, drive the development of novel financial products, and contribute to the overall growth of the Algorand ecosystem.

For Algorand, this strategic investment represents another stride towards establishing itself as a comprehensive blockchain ecosystem. Hodlnaut, in turn, gains a powerful ally in Algorand, potentially unlocking new avenues for growth, scalability, and technological advancement.

Conclusion:

The Algorand Foundation's announcement of a $35 million investment in Hodlnaut marks a significant chapter in the ongoing narrative of blockchain innovation and decentralized finance. This strategic move underscores the dynamic nature of the blockchain industry, where alliances and investments play a pivotal role in shaping the future of financial services.

As Algorand and Hodlnaut embark on this collaborative journey, the impact on the development of innovative financial products, the growth of the Algorand ecosystem, and the broader evolution of decentralized finance will be closely monitored. The Algorand-Hodlnaut partnership exemplifies the transformative potential of strategic investments in fostering a robust and dynamic blockchain ecosystem.

[icodesk]

Singapore’s group go against proposed cover restriction on loaning crypto tokens

A crypto campaigning bunch situated in Singapore has voiced its resistance to the proposition from the national bank to preclude crypto firms from loaning crypto tokens.

Singapore’s national bank gave interview papers and proposed to boycott computerized installment token specialist organizations from offering “any credit office” to purchasers. This incorporates either loaning fiat or cryptographic forms of money. Notwithstanding, the Blockchain Relationship of Singapore (BAS) accepts that this might be excessively prohibitive.

In a criticism record shipped off the Money related Power of Singapore (MAS), BAS purportedly contended that a sweeping boycott could push crypto clients to seek after loaning their tokens to seaward firms that are unregulated.

BAS additionally featured that one of the central things that draw in clients to loaning is the premium that they procure, which the affiliation contends to be one reason individuals hold crypto.

In an explanation to the traditional press outlet Bloomberg, BAS board director Chia Hawk Lai expressed that rather than a sweeping boycott, they are proposing a methodology that is more estimated and focused on. This remembers centering for the training of purchasers with regards to the dangers of utilizing elements that are unregulated.

“The proposed measures, while very much expected, could have potentially negative results whenever carried out completely, including driving customers to move towards unregulated specialist co-ops.”

Likewise, BAS additionally contended that a total restriction on organizations giving impetuses to retail clients is “excessively draconian” and recommended an alternate approach to permitting presents not associated with monetary buys.

The counsel paper gave by MAS in October last year came amidst a progression of crypto disasters in the nation including the Three Bolts Capital (3AC) mutual funds and crypto stages Vauld and crypto bank Hodlnaut.

Elsewhere in the world, 3AC organizers Zhu Su and Kyle Davies were as of late summoned by means of Twitter. The team was requested to give archives in their control, whether the data is with them

[vorobey-sergey]

⚡️Новости криптомира 📎FTX подала иск в суд против Bybit. FTX требует возврата около $953 млн, которые, по мнению истцов, были незаконно изъяты с платформы перед крахом. Утверждается, что Bybit получила преимущество перед другими клиентами, используя VIP-статус и давление на персонал биржи. 📎Пользователи Telegram в странах Африки начали получать полноценный доступ к функциям кошелька TON Wallet. Это старт глобальной интеграции приложения в мессенджер, заявил CEO The Open Platform Андрей Рогозов. Полностью завершить внедрение планируют во II квартале 2024 года. 📎BlackRock обвиняет SEC в применении двойных стандартов. Компания заявила, что SEC не имеет оснований для разного отношения к спотовым и фьючерсным ETF, и призвала агентство одобрить ее заявку на спот ETF на Ethereum (ETH). 📎Администрация криптокредитора Hodlnaut решила ликвидировать бизнес после попытки реструктуризации. Инвесторы высказались за ликвидацию, поскольку она лучше отвечает их интересам и максимально увеличит оставшиеся активы, доступные для распределения. 📎Организация Bitcoin Argentina выступила с инициативой защиты инвесторов - предлагает ввести в правовой базе категории подтверждения прав собственности криптоплатформ: децентрализованные, локальные централизованные и глобальные централизованные, готовые к диалогу с властями. #новости #биткоин #криптовалюта

[blockchainfeed]

Defunct cryptocurrency exchange Hodlnaut will be wound up, according to a note from the company’s former interim judicial managers, Aaron Lee and Angela Ee. #Blockchain #Crypto

[ailtrahq]

Singapore has granted MPI licenses to 14 virtual asset firms so far. The Southeast nation recently emerged as a leading crypto hub as per a report. Singapore recently granted an in-principal approval for a Major Payment Institution (MPI) license to cryptocurrency trading firm and liquidity provider GSR’s Singaporean subsidiary, GSR Markets. GSR announced the approval via a press release on 2 October. It stated that it had met the stringent compliance requirements set by the Monetary Authority of Singapore (MAS) and is working towards securing a complete license to operate in Singapore. The MPI license allows GSR to deliver crypto and fiat-related services to residents of the city state. Founded in 2013 in New Jersey, MSR engages in over-the-counter (OTC) crypto trading alongside derivatives, market making, and venture capital investments. MSR is not the only firm to receive the MPI license by the MAS. In fact, Coinbase [COIN] secured the same license as one received by MSR on the same day. So far, the MAS has granted MPI licenses to 14 virtual asset firms, including Blockchain.com, Circle, and Ripple [XRP]. Singapore overcomes setbacks to emerge as a leading crypto hub Remember that both the crypto shockers in May and November last year affected the crypto industry in Singapore drastically. Three Arrows Capital (3AC), a Singapore-based crypto hedge fund, went bankrupt when Terra Luna [LUNA] collapsed in May 2022. Terra’s collapse also led to a Singapore-based crypto lender Hodlnaut losing around $190 million. The state’s investment fund Temasek Holdings got a shock when FTX [FTT] collapsed in November 2022. Temasek had invested $275 million in the exchange earlier. The fund wrote off its entire investment in FTX within a few days of the disaster. Consequently, in June 2023, the MAS issued a stricter set of rules for crypto firms. Due to several mishaps, the regulator is now taking a cautious approach to crypto. Nonetheless, Singapore boasts more than 700 Web3 companies, making it a pivotal player in the growth of the crypto and Web3 economy. Last month, the London-based consultancy firm Henley & Partners published its “Crypto Wealth Report.” It placed Singapore at the top of its Crypto Adoption Index. The island nation received very high ratings from the firm in a number of aspects such as tax-friendliness, public adoption, and regulatory environment.

[earningpill]

Algorand Foundation Among Creditors That Oppose Restructuring of Trouble Crypto Exchange Hodlnaut

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated. The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital…

[todaynowreport]

Majority of creditors want Hodlnaut liquidated

Creditors of Singapore-based cryptocurrency lender have again expressed their desire to liquidate the company, which has been under judicial management since August 2022. There is no white knight investor on the horizon, interim judicial manager (IJM) Aaron Loh Cheng Lee explained in a circular updating the case.   A circular from the IJMs dated April 25 said users representing approximately…

[9kmovies-biz]

Hodlnaut Founders Want to Sell The Firm to Potential Investors: Report

Hodlnaut was one of many firms severely impacted by the collapse of FTX last November, even as the first signs of crack date back to at least as early as May when it lost nearly $190 million in the crash of the Terra ecosystem. Despite previously downplaying its exposure, Hodlnaut was forced to halt withdrawals in August and enlist third-party interim managers while simultaneously slashing 80% of…

[eagletek]

Hodlnaut Founders Want to Sell The Firm to Potential Investors: Report

Hodlnaut was one of many firms severely impacted by the collapse of FTX last November, even as the first signs of crack date back to at least as early as May when it lost nearly $190 million in the crash of the Terra ecosystem. Despite previously downplaying its exposure, Hodlnaut was forced to halt withdrawals in August and enlist third-party interim managers while simultaneously slashing 80% of…

[drewssam]

Algorand Foundation Proclaims $35M Hodlnaut Exposure

The Algorand Foundation recently disclosed a financial setback amounting to $35 million USDC due to its exposure to Hodlnaut, a troubled cryptocurrency lending service that ceased withdrawals last month. Despite the significant loss, the foundation assured stakeholders that the funds accounted for less than 3% of its total assets and would not cause operational or liquidity concerns.

In a statement posted on its website over the weekend, the foundation clarified that its investment in Hodlnaut was part of its mission to utilize surplus treasury capital to generate yield for the Algorand ecosystem's development. This investment was made with the intention of fulfilling that mission.

Algorand emphasized:

"As part of the Foundation’s mission, from time to time, we invest a portion of our surplus treasury capital to generate yield for the purpose of Algorand ecosystem development, and these funds were invested for that purpose."

Hodlnaut has been grappling with liquidity issues, leading to a halt in withdrawals for customers on August 8. Subsequently, the company laid off 80% of its workforce and filed for judicial management on August 19, amidst an ongoing crisis.

Following the collapse of the Terra ecosystem, Hodlnaut faced substantial financial setbacks. Anchor Protocol, a component of the ecosystem, now holds $317 million TerraUSD (UST) previously entrusted to Hodlnaut. The statement from Hodlnaut indicated a loss of $189.7 million attributed to the severe depegging of UST from its $1 peg in May.

The revelation of the financial loss underscores the challenges faced by cryptocurrency-related services and highlights the importance of risk management strategies in navigating volatile markets. Despite the setback, the Algorand Foundation remains committed to its mission of ecosystem development, albeit with a cautious approach to investment decisions in the future.

[parolim-prlm]

Hodlnaut Founders Want to Sell The Firm to Potential Investors: Report

Hodlnaut was one of many firms severely impacted by the collapse of FTX last November, even as the first signs of crack date back to at least as early as May when it lost nearly $190 million in the crash of the Terra ecosystem. Despite previously downplaying its exposure, Hodlnaut was forced to halt withdrawals in August and enlist third-party interim managers while simultaneously slashing 80% of…

[bitrss-news]

#Crypto #News:

Hodlnaut founders propose selling the firm instead of liquidation Despite Hodlnaut creditors insisting on the firm’s liquidation, the founders keep trying to save the business and sell it to potential investors. https://t.co/oWUAj0elvH

— BitRss News (@RssBit) Mar 1, 2023