Hodlnaut cuts 80% of staff, applies for Singapore judicial management

2022.08.19 20:50

Hodlnaut cuts 80% of staff, applies for Singapore judicial management

Cryptocurrency lending firm Hodlnaut has cut most of its workforce and has applied to be placed under judicial management due to bleak financial circumstances.

Hodlnaut, which offers interest-bearing cryptocurrency investment options in vetted institutions, confirmed the dire state of affairs on Friday. The company’s poor financial position has been put down to losses suffered by its Hong Kong subsidiary during the infamous TerraUSD (UST) crash, high volumes of withdrawals and the general downturn across cryptocurrency markets.

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Hodlnaut cuts 80% of staff, applies for Singapore judicial management