Hodlnaut Considers Selling Business Instead of Bankruptcy Liquidation

03/01/2023 07:23 • Daily Digest • 88 views

On March 1, Simon Lee, founder of the cryptocurrency lending platform Hodlnaut, said in a message that for creditors, the plan to sell the company’s business is more appropriate than bankruptcy liquidation, and the user group of Hodlnaut can be directly taken over by the platform of the acquirer. At present, Zhu Juntao, another co-founder of Simon Lee and Hodlnaut, is in contact with potential acquirers about the acquisition.

Hodlnaut: It is more suitable to sell business than bankruptcy liquidation, and is contacting with potential investors

Interpretation of the news:

Simon Lee, the founder of Hodlnaut, recently announced his plan to sell the company’s business rather than going for bankruptcy liquidation. In a message to the creditors of Hodlnaut on March 1, Lee stated that selling the business is a more appropriate solution, one that will also allow for the direct takeover of the platform’s user group by the acquirer.

Hodlnaut is a cryptocurrency-lending platform, catering to customers who wish to earn interest on their digital assets. Recently, the platform faced a severe liquidity crisis and failed to meet its financial obligations to its creditors. To safeguard the rights and interests of these creditors, Hodlnaut declared itself bankrupt and is facing liquidation.

However, Simon Lee believes that selling the business is a more effective solution. A business sale will transfer the entire platform to an acquirer who has experience in managing similar businesses. The acquirer can then directly take over the user group of Hodlnaut, which ensures that users will continue to receive their promised earnings. This move will also enable Hodlnaut to clear its outstanding debts and avoid the costs associated with bankruptcy proceedings.

Lee’s co-founder, Zhu Juntao, has been tasked with contacting potential acquirers for the company. The acquisition process will be initiated once Hodlnaut has identified a suitable acquirer who can ensure the platform’s sustainable operation and profitability.

Overall, the announcement by Simon Lee sets Hodlnaut on a new path that will hopefully lead to a better future. Selling the business seems like a more logical solution in avoiding bankruptcy liquidation, that will most likely lead to the displacement of creditors and the ultimate closure of Hodlnaut. Rather, the user group of Hodlnaut can now be taken over by a more experienced acquirer, ensuring a smoother transition and continuity of services with the minimum possible disruption to users.

In conclusion, the new development provides a glimpse of hope to Hodlnaut’s creditors, who are still hopeful that they will recover their funds. It also demonstrates the resilience of the cryptocurrency industry, which is constantly adapting to the challenges of the volatile digital asset marketplace.

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