After halting withdrawals on August 8, Singaporean crypto lender Hodlnaut has applied for protection against creditors: a process similar to the U.S. Chapter 11 bankruptcy.They explained in a statement that they made the decision in order to try to avoid forced asset liquidation, “as it is a suboptimal solution that will require us to sell our users’ cryptocurrencies at these current depressed asset prices”.

Total loss estimated at $200,000,000.