Hodlnaut collapse — what creditors were owed and recovered (2022)

Hodlnaut was a Singapore crypto lender paying yield on deposited bitcoin, ether and stablecoins. It suspended withdrawals, swaps and deposits on 8 August 2022 and applied for judicial management days later. The High Court appointed Ee Meng Yen Angela and Aaron Loh Cheng Lee of EY Corporate Advisors as interim judicial managers on 29 August 2022. They reported that the company had placed roughly US$317 million of user funds in Terra's Anchor protocol and lost about US$189.7 million when UST broke its peg. Creditors rejected a restructuring in favour of winding up, and the court made a winding-up order on 10 November 2023 in HC/CWU 94/2023.

The liquidators' statement of position at 30 September 2025 showed ordinary creditors of S$438.3 million and total liabilities of S$451.1 million against S$141.1 million of assets and contingent assets, an estimated deficit of S$310.0 million. Claims admitted for voting were about S$389.7 million. The US dollar figures recorded here are conversions at the liquidators' own stated rate of roughly 0.775 USD per SGD.

Recoveries have come mainly from S$104.8 million repatriated from the Hong Kong subsidiary and a 78.2% partial recovery on the company's FTX claim. A dispute with Samtrade Custodian over about US$13 million of crypto was settled at mediation in February 2026, subject to court approval.

On 4 August 2026 the liquidators declared a first and final dividend of 100% to preferential creditors and a first interim dividend of 26.92% to unsecured creditors.