Crypto lender Hodlnaut granted creditor protection by Singapore Court

Hodlnaut said on Tuesday that the Singapore High Court has put it under temporary judicial control after the embattled cryptocurrency lender's earlier this month suspension of withdrawals.

A financially troubled company can be restructured with court oversight thanks to judicial management.

The court had designated Ee Meng Yen Angela and Aaron Loh Cheng Lee of EY Corporate Advisors as temporary judicial managers, according to the Singapore-based cryptocurrency company.

At this time, we are unable to disclose any further information, but we do hope to do so as soon as our IJMs (Interim Judicial Managers) deem it important to do so, according to Hodlnaut

Hodlnaut stopped accepting deposits, swaps, and withdrawals earlier this month in order to stabilize its liquidity and protect the company's assets.

Hodlnaut is the most recent in a long line of cryptocurrency players to have problems as a result of a strong market sell-off that began in May with the demise of two linked coins, Luna and TerraUSD.

The company disclosed an investigation by the Singapore police and added that it had fired about 40 workers.