Singapore information Singapore

Crypto lender Hodlnaut lays off staff, reveals police probe

Reading now: 883
www.channelnewsasia.com

Troubled crypto lender and borrower Hodlnaut on Friday (Aug 19) laid off about 40 employees since pausing crypto withdrawals and disclosed an investigation by the Singapore police.The company, which applied for a form of creditor protection last week, did not reveal further details about the police proceedings."While Hodlnaut is unable to disclose any information in this regard, these actions are taken in what we believe to be in the best interests of our users," it said, on the police investigation.Hodlnaut is the latest in a string of global crypto players to run into difficulties following a sharp sell-off in markets that started in May with the collapse of two paired tokens Luna and TerraUSD.The crypto lender added that the layoffs were to reduce the company's expenditure, leaving it with only about 10 working employees.

Read more on channelnewsasia.com
The website meaws.com is an aggregator of news from open sources. The source is indicated at the beginning and at the end of the announcement. You can send a complaint on the news if you find it unreliable.

Related News

DMCA