China News by Thebittimes.Com

Join Our Telegram channel to stay up to date on breaking news coverage A Singapore Court has placed a popular crypto lending firm, Hodlnaut, under Interim Judicial Management (IJM). The development manifested as part of the measures solicited by the firm to revamp its financial challenges .  Hodlnaut will now be legally immune to proceedings from third parties. IJM usually manifests as a legal approach to carrying out debt restructuring. It allows several persons to effectively manage a troubled firm’s businesses, assets, and operations. The crypto lender’s legal team introduced two firm creditors to the court on Monday’s hearing. The two creditors then submitted their nominations for IJM candidates. Afterward, the Judge announced the appointment of Ee Meng Yen Angela and Aaron Loh Cheng Lee, care of EY Corporate Advisors Pte. Ltd., as Hodlnaut’s interim judicial managers. Hodlnaut is facing liquidity issues Hodlnaut recently joined the growing li...

Defense Lawyer James K Filan, who has been a vital source in the SEC vs. Ripple lawsuit, has shared documents regarding I-Remit’s amicus brief in support of Ripple. The application was opposed by the SEC (Securities and Exchange Commission) in a motion letter to Federal Judge Analisa Torres. Nonetheless, the trial judge allowed I-Remit to submit its application. As per the document, Philippines-based I-Remit serves as a bridge between foreign money senders and recipients of that money in the Philippines. Moreover, it is the only remittance company that is publicly listed on the Philippines Stock Exchange. I-Remit stated that one of the mechanisms it employs for money transfers is Ripple’s RippleNet. One way the firm allows money transfers are through Ripple’s ODL (On Demand Liquidity) software, which uses the XRP cryptocurrency, running on the XRP ledger. #XRPCommunity #SECGov v. #Ripple #XRP I-Remit, Inc. has formally filed its Amicus Brief in Support of t...