Hodlnaut Faces Police Proceedings, Laying Off 80% Of Employees

The troubled cryptocurrency lender Hodlnaut has disclosed that it laid off most of its workforce and is currently under investigation by the police. The Singapore-based cryptocurrency company stated there are “pending procedures” between itself and the Singapore Attorney-General and Singapore Police Force in a blog post that was published this morning. Dear users, we would like to update that our lawyers have attended the 1st Case Conference for the IJM application on 18 Aug. We have made the JM application docs available to our users for download. Here is our full statement: https://t.co/WRVhDGzvXX Our next update is on 23 Aug pic.twitter.com/3G7YBWqHmE — Hodlnaut (@hodlnautdotcom) August 19, 2022 Hodlnaut Halted Withdrawals To give itself more time to address its financial problems, Hodlnaut halted withdrawals early this month and applied for creditor protection in Singapore. In the wake of the failure of Terra, the blockchain that supported the now-defunct stablecoin UST, and the cryptocurrency hedge fund Three Arrows Capital earlier this year, the startup is one of several crypto lenders with frozen customer funds. Along with the South Asian cryptocurrency exchange Zipmex, Vauld, also situated in Singapore, is constrained by the same issue. Holdnaut has asked for court supervision. According to today’s blog post, if successful, the action will grant the judicial manager “final decision-making power on all elements of the o...