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The weird and the wonderful of the real world invariably finds itself on the internet, which has transformed the world into a global village. Think of anything we can do in real life and it’s likely the internet has made the digital alternative.
By opening doors that were previously shut, the internet has traversed borders to bring like-minded folk from across the globe under one roof and create online communities. One such group are the HODLers – people who buy and hold cryptocurrency for the long term, regardless of price.
The origins of the term is a quirk of the crypto community. Not many groups would embrace the misspelling of the word “hold,” let alone give the phrase new life by turning it into an acronym for “Hold On for Dear Life”.
That brings us to Hodlnaut, a troubled crypto lender that was likely inspired by this movement that is quite literally holding on for dear life.
Today’s featured piece delves into the latest documents to figure out why Hodlnaut’s court-appointed managers are trying to force the founders to turn over financial documents, which could contain information that determines if the company gets liquidated.
Today we look at:
- Hodlnaut founders hiding financial documents
- Bukalapak’s third-quarter results
- Other newsy highlights such as Elon Musk begins his Twitter rework and Vietnamese sellers’ growing influence on Amazon
Premium summary
Laying down the law
Image credit: Timmy Loen
A recent Singapore court report has stated that Hodlnaut’s founders, Zhu Juntao and Simon Lee, have been withholding financial documents from its Interim Judicial Managers (IJMs) at EY Corporate Advisors, just a week after the IJMs and Lee filed affidavits against each other over allegations of dishonesty.
The the law firm that wrote the report said they will ask High Court to compel Juntao and Lee to hand over the documents, failure of which could result in fines and imprisonment.
No place to hide
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