Crypto loan Hodlnaut strokes 80 % of the staff in the middle of police investigations

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  • Hodlnaut has released 40 employees
    • for cost reasons
  • losses that the company's subsidiary had suffered in Hong Kong during the crash of Terrausd damaged her business

The cryptocurrency loan Hodlnaut based in Singapore dismisses most of his employees and announced “pending procedures” to the local police.

The company said in a on Friday that it is processed by Singapore and the police at the General Prosecutor without further details. The cryptor regulation in the city state is likely to be stricter because the central bank is considering new rules for the participation of retail.

Hodlnaut decided to shorten its staff by 80 % or about 40 employees in order to reduce the costs. The retained team must fulfill key functions, it said.

Last week, the lender stored for a form of the complication called justice administration after freezing of withdrawals on its platform.

Hodlnaut said that right-wing administration would be "most benefited" to users in the long run, since it would avoid the liquidation of the company's Bitcoin and Ether stocks at the currently low prices.

As part of the procedure, an independent manager is appointed who replaces the company's directors and manages business matters.

In the meantime, the founders are in Singapore and work on the renovation plan. The plan, it is said, aims to restore the ratio of assets to debts from Hodlnaut and enable users to withdraw their money for the full value of the stored crypto. In order to stabilize the liquidity, the company will reduce all open interest rates to 0 % from 5:00 p.m. Singapore.

Hodlnaut is part of a series of crypto creditors affected by the market crisis. It attributed its current position to losses that the company's subsidiary had suffered during the crash of Terrausd, and "problems in connection with certain users who have stored significant amounts of cryptocurrency at Hodlnaut".

It added that bankruptcy lender Celsius Hodlnaut did not borrow or awarded. "While Hodlnaut has an account with Celsius, Hodlnaut has not deposited any assets with Celsius," the explanation said. The company also claims not to have any secure creditors.

The next update of the company is expected to appear on August 23.

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The contribution Crypto Lender Hodlnaut strokes 80 % of the staff in the middle of police investigations is not a financial advice.