The Singapore police asked hodlnaut to hand over US $127 million of assets. If hodlnaut is executed, it may go bankrupt
According to the news from panaws on August 24, according to the crypto briefing, the Singapore police issued an asset transfer order to hodlnaut on July 14, requiring hodlnaut to transfer the US $127 million assets in the samtrade custody account to the police. Hodlnaut said that if it complied with the order, it would have no assets to implement its recovery plan under judicial administration. Compliance may also force the company to close through liquidation, making it unable to pay users. Therefore, the company applied for judicial review on July 27 to try to revoke the order.
It is reported that since December 2021, the Singapore police have been suing this matter. At that time, the Singapore police confiscated the assets of samtrade custody in a larger case. While hodlnaut holds $117 million of samtrade's assets. It is reported that this seems to be a factor in hodlnaut's decision to stop withdrawal on August 10.
Previously, it was reported that hodlnaut sought creditor protection in Singapore to suspend legal claims and proceedings. Subsequently, hodlnaut disclosed that it had a lawsuit with the Singapore police. According to court documents, the outstanding debt of hodlnaut is about US $281 million, and the funding gap is about US $193 million.
Open-pit mining is a project to extract useful minerals in the crust from the surface down in an open environment with the help of mining, excavation and transportation equipment.
Dongguan LIANLI Electronic Technology Co., Ltd.