Hodlnaut, a Singapore-based cryptocurrency lender and borrower, said on Tuesday it filed an application to be placed under judicial management as it looks to restructure its business.
The crypto company, which last week suspended withdrawals, swaps, and deposits, said it filed the petition with the Singapore High Court.
Hodlnaut is the latest to feel the heat of a sharp selloff in crypto assets that started in May with the collapse of two paired tokens, Luna and TerraUSD.
Singapore, a major centre for crypto and blockchain in Asia, has been shaken since the July collapse of cryptocurrency hedge fund Three Arrows Capital.
Also read: Tencent stops sales on its NFT platform Huanhe a year after launch as scrutiny mounts
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