Hodlnaut

As the desk operated before it failed (2022-06-01). not_applicable. No user loan product; institutional loans were arranged by contacting the desk, so bilateral and unpublished. Evidence: "For more information, you can connect with us at support@hodlnaut.com" — Hodlnaut landing page /hnap0001 with 'Institutional Loans' section (desk's own site, still served; page undated, footer states MAS in-principle approval so it dates from 2022), 2022 (https://www.hodlnaut.com/hnap0001).

As the desk operated before it failed (2022-06-01). No user loan product. Institutional loans were offered on 'open terms or 3+ months fixed terms' per the desk page. Evidence: "Choose between open terms or 3+ months fixed terms" — Hodlnaut landing page /hnap0001 with 'Institutional Loans' section (desk's own site, still served; page undated, footer states MAS in-principle approval so it dates from 2022), 2022 (https://www.hodlnaut.com/hnap0001).

As the desk operated before it failed (2022-06-01). No user loan product. No borrowing rate was published for institutional loans ('One of the lowest rates in the market' is the only statement). Evidence: "One of the lowest rates in the market" — Hodlnaut landing page /hnap0001 with 'Institutional Loans' section (desk's own site, still served; page undated, footer states MAS in-principle approval so it dates from 2022), 2022 (https://www.hodlnaut.com/hnap0001).

As the desk operated before it failed (2022-06-01). No bitcoin-backed loan product for users; nothing on price sources for the institutional loans was published. Evidence: "Its main business is the provision of a cryptocurrency trading platform, which allows its users to deposit digital assets to earn interest." — Loh Cheng Lee Aaron and another v Hodlnaut Pte Ltd (in compulsory liquidation) [2024] SGHC 257, 2024-10-11 (https://www.elitigation.sg/gd/s/2024_SGHC_257); 1 further quote(s) in registry/resolution/2026-09/defunct_desks_other.json.

As the desk operated before it failed (2022-06-01). No user loan product. For institutional loans the desk page gives only an origination range ('loan to value ratio from 25% to 70%'); no margin-call or liquidation level is published. Evidence: "Flexible loan to value ratio from 25% to 70%" — Hodlnaut landing page /hnap0001 with 'Institutional Loans' section (desk's own site, still served; page undated, footer states MAS in-principle approval so it dates from 2022), 2022 (https://www.hodlnaut.com/hnap0001).

As the desk operated before it failed (2022-06-01). No loan collateral terms exist to classify. What the terms do establish is the treatment of DEPOSITS: users granted the Hodlnaut Group the right to hold them in its own name and to pledge, rehypothecate, sell, lend or otherwise use them 'with all attendant rights of ownership', without keeping a like amount on hand. The court later recorded commingling of digital assets across the group. Evidence: "to pledge, repledge, hypothecate, rehypothecate, sell, lend, or otherwise transfer or use any amount of such Digital Assets, separately or together with other property, with all attendant rights of ownership" — Hodlnaut Standard Terms and Conditions (Terms of Use), 'Updated as at June 1, 2022' (desk's own site, still served; web.archive.org holds no snapshots of hodlnaut.com), 2022-06-01 (https://www.hodlnaut.com/tos); 2 further quote(s) in registry/resolution/2026-09/defunct_desks_other.json.

As the desk operated before it failed (2022-06-01). No user loan product; no recourse terms for institutional loans were published. Evidence: "Its main business is the provision of a cryptocurrency trading platform, which allows its users to deposit digital assets to earn interest." — Loh Cheng Lee Aaron and another v Hodlnaut Pte Ltd (in compulsory liquidation) [2024] SGHC 257, 2024-10-11 (https://www.elitigation.sg/gd/s/2024_SGHC_257); 1 further quote(s) in registry/resolution/2026-09/defunct_desks_other.json.

As the desk operated before it failed (2022-06-01). BTC was accepted as a DEPOSIT asset, not shown as loan collateral: the institutional-loan page does not name the collateral. In the insolvency users are unsecured creditors: their crypto claims count as debts of the company, and the liquidators state assets are distributed pari passu to unsecured creditors after secured and priority debts. Evidence: "We are currently accepting deposits in BTC, ETH, WBTC, USDC, USDT, DAI and PAXG." — Hodlnaut home page (desk's own site, frozen with withdrawal-halt banner), 2022-08 (https://www.hodlnaut.com/); 2 further quote(s) in registry/resolution/2026-09/defunct_desks_other.json. Loan book at failure: Not found. The interim judicial managers' reports and the winding-up affidavits on the EY page are password-protected PDFs and could not be read; the published judgments give no loan or collateral figures. The only figure recovered is the press-reported loss of US$189.7m on TerraUSD attributed to the directors of Hodlnaut's Hong Kong subsidiary (secondary). What failed: Hodlnaut halted withdrawals, token swaps and deposits on 8 August 2022 and ceased its borrowing and lending services; according to press reports of the interim judicial managers' first report it had converted a significant amount of user crypto into TerraUSD staked on Anchor and lost about US$189.7m when Terra collapsed (secondary source). The court placed it under interim judicial management on 29 August 2022 because its assets were in jeopardy, and wound it up on 10 November 2023 as cash-flow insolvent.