- The interest-paying crypto swap shop is gripped in Legal proceedings with Singapore authority.
- Hodlnaut has fired a massive number of employees from their firm.
Hodlnaut, a Singapore-based crypto lender, revealed in their blog post about huge redundancy and pending “police proceedings” that emphasized the latest firm’s dire financial and legal straits to freeze crypto withdrawals.
A Blog of Hodlnaut highlighted that the company had fired 40 people and sliced interest rates to zero percent APR in an attempt to stabilize their liquidity and shorten costs. The developers of the firms are ” working hard on a rescue plan” and remain in Singapore.
The interest-paying crypto swap shop is gripped in Legal proceedings with Singapore authority. Its blog was mum on the points but portrayed the proceedings as in the user’s best interest. In August, Hodlnaut froze those users’ assets and now seeks to safeguard its creditors.
The Court of Singapore will hear the legal protection plea of Hodlnaut on Monday, 22nd August 2022. The Court will likely nominate a provisional judicial manager to overlook the company’s financials in place of the current working director.
According to The Coin Republic, Hodlnaut teams up with crypto exchange Okcoin in September 2021.
Hodlnaut is counted among the crypto firms that failed to protect their financial conditions during the severe downtrend of the crypto market for the past year. Likewise, Celsius network, Voyager Digital, and Three Arrows are sinking in terms of their financial condition, and Celsius filed for bankruptcy starting in July. Hodlnaut highlighted the losses faced by the company after TerraUSD crashed.
As per the reports of The Coin Republic on Wednesday, 13th July, crypto lender company Celsius Network filed for Chapter 11 bankruptcy. The United States Bankruptcy Court for Southern New York District initiated the procedure after Celsius’ bankruptcy filing.
The continuing volatility of the crypto market is troubling giant lenders of the crypto market.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.