Hodlnaut, a Singapore-primarily based utterly mostly crypto lender with exposure to the Terra give intention and the FTX financial extinguish, will likely be liquidated, in step with a wind-up present filed on Friday with the High Courtroom of Singapore.

The wind-up utility used to be first submitted in Would possibly maybe merely and is newly permitted.

Terra, the then third-biggest crypto ecosystem after Ethereum and Binance, suffered stablecoin instability and collapsed in Would possibly maybe merely 2022, wiping out $50 billion in valuation from the crypto trade.

Centralized crypto trade FTX filed for financial extinguish that November after a CoinDesk file revealed a liquidity disaster.

In August 2022, Hodlnaut halted withdrawals, token swaps and deposits after struggling an estimated $189.7 million in losses due to the the give intention of the Terra ecosystem.

The firm then filed an utility to be placed below judicial management, a mechanism below Singapore law the assign the court docket appoints an unbiased officer to dwelling up a financially distressed firm.

Hodlnaut collectors rejected its restructuring plans earlier this One year and pressed for a liquidation.

Hodlnaut, which also had about $13 million caught on FTX when the crypto trade went bankrupt final One year, acknowledged within the unique filing that it has “a immense volume of collectors” that embody over 17,000 platform users.