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Crypto’s Hodlnaut Cuts 80% of Staff as Police Investigate

The Singapore-based lender said the layoffs were to reduce the company’s expenditure and leave it with only about 10 employees. 


Singapore crypto trader has sought court approval to rejig its operations, it said on Tuesday.
Hodlnaut, a crypto lender and borrower based in Singapore, has applied for court permission to restructure its business. Reuters file image.

 

Crypto lending platform Hodlnaut laid off 40 staff and said it’s being investigated by the Singapore police.

The Singapore-based company said the layoffs were to reduce the company’s expenditure and leave it with only about 10 working employees.

On the police investigation, it said that “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.”

 

Crypto Carnage

Hodlnaut is the latest in a string of global crypto players to run into difficulties following a sharp sell-off in markets that began in November. After several brief pauses, the sell-off regained momentum in May with the collapse of the paired tokens Luna and TerraUSD.

Hodlnaut paused crypto withdrawals earlier this month and has applied for a type of creditor protection.

 

  • Reuters, with additional editing from Alfie Habershon

 

Read more:

Singapore Crypto Firm Hodlnaut Wants Court-Led Restructuring

Singapore Crypto Lender Hodlnaut Freezes Withdrawals

Bitcoin Rise Shows Crypto Has Hit Floor – Business Insider

Alfie Habershon

Alfie is a Reporter at Asia Financial. He previously lived in Mumbai reporting on India's economy and healthcare for data journalism initiative IndiaSpend, as well as having worked for London based Tortoise Media.

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