Singapore-based cryptocurrency lender Hodlnaut will be liquidated, according to the company’s former interim judicial managers, Aaron Lee and Angela Ee.

A winding-up order was filed on Nov. 10 with the High Court of Singapore. Liquidators will continue to provide updates to the exchange's creditors, of which there are more than 17,000.

Hodlnaut applied for creditor protection last August after suffering around $189 million in losses due to the Terra ecosystem exposure, which collapsed in May 2022.

The lender also had $13.3 million worth of crypto locked on FTX before the exchange froze withdrawals and ultimately filed for bankruptcy last November.

Holdnaut creditors rejected a restructuring plan earlier this year, favoring liquidation as it would better serve their interests.

Aaron Lee and Angela Ee have now been appointed as liquidators of Hodlnaut, which will be wound up under the Insolvency, Restructuring and Dissolution Act of 2018.

The winding-up application was filed in May this year and approved on Friday.