Hodlnaut, a Singapore-based crypto lenderupdateCommunity on Judicial Management Filing including two important announcements
First, the platform announced an 80 percent cut to about 40 employees “to reduce company expenses”, the statement said. The remaining employees are “required” for current operations.
Second, and perhaps even more troubling. It is news that Hodlnaut is being considered by the Singapore Attorney General and the Singapore Police Force, the crypto lender added: “These things happen because we believe it is in the best interests of our users.”
last week The company filed with the court in Singapore. An independent third party will oversee the operations of the company and temporarily protect Hodlnaut from any legal claims.
On August 8, Hodlnaut Tweetto suspend withdrawal, deposit and exchange of tokens on the platform byspecify“This difficult decision made us focus on securing liquidity and maintaining our assets. As we strive to find the best ways to protect long-term benefits of our users.”
Hodlnaut is one of a handful of crypto lenders, including Celsius, Voyager, and BlockFi, who have struggled financially. After the crypto market crash this year
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