Hodlnaut has asked Singapore's highest court to put itself under judicial control

The cryptocurrency lender has found no better option than to transfer "under the wing" of the high court to protect itself from creditors.

The lender decided to freeze withdrawals to users on 8 August. And five days after the freeze, i.e. on 13 August, Hodlnaut agreed to apply with the High Court.

The company's website says, "We are keen to avoid a forced liquidation of our assets, as this is a non-optimal solution that would require us to sell our users' cryptocurrencies at the current low asset prices."

In short, in countries where the law works like clockwork, it is better to surrender to the law immediately at the slightest problem. Otherwise, you can repeat the fate of Winnik (which we wrote about, by the way). Well, they just got cold feet selling the assets until the bit does not go for $773,000.

This company was added to the list of "troubled" creditors, and compared to the same Three Arrows Capital is still quite alive. This process will take several months, up to a year, so they still have time to wait for the bulls; well, we'll wait, too.