Hodlnaut Founders Accused Of Hiding Important Documents

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Hodlnaut Co-founder

A Singapore court report has accused crypto lending firm, Holdnaut of withholding important financial documents from the authorities. The report was filed by WongPartnership, a law firm representing Hodlnaut's IJMs (Interim Judicial Managers).

In the report, the IJMs claimed that they are having difficulty assessing Hodlnaut's financial status because they do not have all the necessary documents. 

According to them, over 1,000 files have been deleted from Google workspace by Hodlnaut's founders. Therefore, the judicial managers urged the court to ask Hodlnaut's managers to release the withheld documents.

They also accused the firm of asking its employees to withdraw funds before halting general withdrawals. According to the transaction data, Hodlnaut's employees withdrew $550,000 right before withdrawals were frozen. This is a serious charge and can lead to a criminal case if proven.

Simon Lee, a co-founder of Hodlnaut, had accused the IJMs of dishonesty just a week before. Lee said the IJMs assured their former lawyers of being retained but sacked them shortly afterward.

Simon Lee also accused the judicial managers of a possible conflict of interest. This is because WongPartnership has the Algorand Foundation as one of its creditors.

Hodlnaut's woes started when Terra Luna UST crashed earlier this year. The firm had to lay off 80% of its workforce to stay above water. It is still at risk of liquidation, depending on how the court case goes.

Written by
Trust Akpobome

A Singapore court report has accused crypto lending firm, Holdnaut of withholding important financial documents from the authorities. The report was filed by WongPartnership, a law firm representing Hodlnaut's IJMs (Interim Judicial Managers).

In the report, the IJMs claimed that they are having difficulty assessing Hodlnaut's financial status because they do not have all the necessary documents. 

According to them, over 1,000 files have been deleted from Google workspace by Hodlnaut's founders. Therefore, the judicial managers urged the court to ask Hodlnaut's managers to release the withheld documents.

They also accused the firm of asking its employees to withdraw funds before halting general withdrawals. According to the transaction data, Hodlnaut's employees withdrew $550,000 right before withdrawals were frozen. This is a serious charge and can lead to a criminal case if proven.

Simon Lee, a co-founder of Hodlnaut, had accused the IJMs of dishonesty just a week before. Lee said the IJMs assured their former lawyers of being retained but sacked them shortly afterward.

Simon Lee also accused the judicial managers of a possible conflict of interest. This is because WongPartnership has the Algorand Foundation as one of its creditors.

Hodlnaut's woes started when Terra Luna UST crashed earlier this year. The firm had to lay off 80% of its workforce to stay above water. It is still at risk of liquidation, depending on how the court case goes.

Written by
Trust Akpobome