Posted on August 21, 2022
Singaporean crypto lender Hodlnaut disclosed massive layoffs and pending “police proceedings” in a Friday blog post that underscored the dire financial and legal straits faced by the latest firm to freeze crypto withdrawals.
Hodlnaut said in the blog that it fired 40 people, which was 80% of its staff, and slashed interest rates to a 0% annual percentage rate in an attempt to “stabilize our liquidity” and cut costs. Its founders are “working hard on a recovery plan” and remain in Singapore.
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