Potential investors are considering buying Hodlnaut along with its claims against FTX.
Last month, Hodlnaut creditors sought the firm's liquidation after rejecting a proposed restructuring plan.
Read more: Hodlnaut Creditors Call for Liquidation
According to the document, the potential investors are in the process of signing non-disclosure agreements with judicial managers.
The Singapore-based exchange owes S$160.3 million, or 62% of outstanding debt, to Algorand Foundation, Samtrade Custodian, S.A.M. Fintech and Jean-Marc Tremeaux.
FTX accounted for about 72% of Hodlnaut's digital assets on centralized exchanges, with an estimated market value of S$18.5 million.
Hodlnaut halted withdrawals without warning on 8 August, one day before Singapore National Day after losing $190 million due to its exposure to LUNA despite claiming on a Discord server that it had zero exposure.
It then applied to the Singapore High Court to be placed under judicial management and was granted protection from creditors.
The Singapore based crypto lender has been under investigation by the Commercial Affairs Department (CAD) for fraud offences.
Singapore Police Force (SPF) had also demanded Hodlnaut hand over US$127,245,996 worth of USDC and USDT from the account under Samtrade Custodian Limited.
The SPF said the CAD is investing Hodlnaut and its directors for offences under Sections 417 and 424A of the Penal Code 1871.
Under 417, the minimum penalty is “imprisonment for a period of up to 3 years and a fine, or either’ and those guilty under 424A could face up to 20 years in prison, a fine, or both.