The Singapore-based lender had exposure to the collapses of the Terra ecosystem and FTX.

Hodlnaut, a Singapore-based crypto lender with exposure to the Terra collapse and the FTX bankruptcy, will be liquidated, according to a wind-up order filed on Friday with the High Court of Singapore.

The wind-up application was first submitted in May and is newly approved.

Terra, the then third-largest crypto ecosystem after Ethereum and Binance, suffered stablecoin instability and collapsed in May 2022, wiping out $50 billion in valuation from the crypto industry.

Centralized crypto exchange FTX filed for bankruptcy that November after a CoinDesk report revealed a liquidity crisis.

In August 2022, Hodlnaut halted withdrawals, token swaps and deposits after suffering an estimated $189.7 million in losses due to the collapse of the Terra ecosystem.

The company then  filed an application to be placed under judicial management, a mechanism under Singapore law where the court appoints an independent officer to manage a financially distressed company.

Hodlnaut creditors rejected its restructuring plans earlier this year and pressed for a liquidation.

Hodlnaut, which also had about $13 million stuck on FTX when the crypto exchange went bankrupt last year, said in the new filing that it has  “a substantial volume of creditors” that include over 17,000 platform users.