Hodlnaut Announces Police Inquiry, Lays Off 80% Of Employees

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Last Updated on August 20, 2022 by Bitfinsider

After filing for judicial management last week, the Singapore-based crypto firm updated its community. Hodlnaut claims that it laid off about 40 people “to reduce the company’s expenditure.” According to the statement, the 10 remaining employees are “necessary” for the company’s current operations. In addition to announcing layoffs, Hodlnaut is dealing with pending legal matters with the Singapore Attorney General and the Singapore police force.

Following its announcement on August 8 that it was suspending customer withdrawals, the company filed for judicial management in Singapore, which will see an independent third-party oversee the firm’s operations and temporarily halt legal claims against the firm. Hodlnaut announced in early August that it would halt withdrawals, deposits, and token swaps on its platform.

According to the firm, judicial management would benefit both the company and users “in the long run.” Judicial oversight will also keep the company from having to liquidate its current Bitcoin and Ethereum holdings at a time when prices are especially low.

Hodlnaut is the latest in a long line of companies to struggle in these market conditions. Zipmex, a cryptocurrency exchange, filed for bankruptcy protection in Singapore on July 22 in order to avoid legal action from creditors after freezing customer withdrawals. Regulators are also on the trail of Three Arrows Capital, a now-insolvent crypto hedge fund that defaulted on loans to other major crypto lenders.


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Hardware wallets are safe and secure devices that can be used offline. They keep your cryptocurrency offline, making it impossible for you to be hacked. To find out more on the leading hardware wallets, you may view our reviews here: Ledger & Trezor
Disclaimer: The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, legal, tax or other advice. Investing in or trading cryptocurrency or stocks comes with a risk of financial loss.

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