Troubled cryptocurrency lending firm Hodlnaut is said to be working with several potential investors to sell off its business and other assets.

Bloomberg reported on February 6 that a number of potential buyers have inquired about Hodlnaut’s purchase and its claims against collapsing cryptocurrency exchange FTX.

Hodlnaut’s interim judicial directors received multiple proposals to take over the Singapore-based crypto business after the company sought protection from creditors. Citing an affidavit, the report notes that the judicial directors are in the process of signing non-disclosure agreements with potential investors.

The affidavit reportedly indicated that as of December 9, 2022, the Hodlnaut Group owed a total of $160.3 million — or 62% of outstanding debt — to companies and entities such as the Algorand Foundation, Samtrade Custodian, and S.A.M. Fintech and Jean-Marc Tremeau.

As previously reported, Hodlnaut’s FTX accounts hold 514 bitcoins

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, 1,395 ether

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, 280,348 USD

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Tokens and 1001 FTX

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symbols. The company reportedly had over $18 million in digital assets on centralized exchanges such as FTX, Deribit, Binance, OKX, and Tokenize.

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Hodlnaut, formerly a major cryptocurrency lending platform, was forced to cease operations due to a lack of liquidity sparked by a massive bear market in 2022. After freezing withdrawals in August, Hodlnaut secured creditor protection from a Singapore court, allowing the company to reinstate Structuring before the court supervision. The court has appointed Ee Meng Yen Angela and Aaron Loh Cheng Lee of EY Corporate Advisors as interim judicial directors.

Related: Celsius publishes a list of users eligible to withdraw the majority of assets

The news comes weeks after Hodlnaut’s creditors rejected a proposed restructuring plan and sought to liquidate the platform’s assets. Instead, the creditors reportedly demanded immediate liquidation and the distribution of the remaining assets to the creditors in order to maximize the residual value.

Hodlnaut is one of several companies that specialize in cryptocurrency lending services, allowing users to deposit cryptocurrencies that are lent to borrowers in exchange for regular interest payments. The winter of 2022 disrupted the operations of cryptocurrency lenders, including Celsius Network, BlockFi, Genesis, Vauld, and others. A number of industry executives believe that cryptocurrency lending can still survive the bear market, but there are still some conditions that must be met.