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In the latest chapter of the Hodlnaut saga, the troubled crypto stalking platform has found itself caught in the wrath of the Singapore Police Force (SPF).
In an announcement on Tuesday, Hodlnaut shared the affidavits pertaining to their ongoing legal proceedings with SPF.
Hodlnaut is engaged in two legal proceedings: 1) Hodlnaut’s applicaiton to be placed under interim judicial management and subsequently judicial management. 2) A judicial review applicaiton against orders made by SPF that direct Hodlanut to hand over funds.
The police are demanding Hodlnaut hand over US$127,245,996 worth of USDC and USDT from the account under Samtrade Custodian Limited (“Samtrade Custodian”).
SPF had issued Hodlnaut with the transfer order on 14 July 2022 but Hodlnaut claims that if it complies with the order, the firm will have no assets left for its business recovery plan under judicial management.
Read more: Layoffs, Police Investigation at Hodlnaut
The Singapore based lender further argued that it would not be able to pay its users if the company was liquidated.
Hodlnaut applied to the Singapore High Court for a judicial review of SPF’s orders on 27 July 2022. The application currently remains pending before the Singapore Court.