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Singaporean crypto lender Hodlnaut is reportedly under investigation for cheating and fraud. Multiple complaints against the platform between August and November 2022 prompted the police to investigate the exchange's founders. Singapore police say most complaints involve misrepresentations. (Read More)
Crypto lender Hodlnaut is in for more trouble. The troubled cryptocurrency lender is now facing additional legal difficulties as Singapore’s police force announced that it is looking into Hodlnaut Pte and its directors for possible cheating and fraud offenses. The investigation was started on Wednesday as a result of numerous reports alleging “false representations relating […]
Bankrupt crypto lending firm Hodlnaut may have $13M locked in FTX (Read More)
A report from the interim judicial manager has uncovered that cryptocurrency lender Hodlnaut's Hong Kong branch lost nearly $190 million during the collapse of the Terra/Luna digital token in May 2022. (Read More)
The losses at Algorand relate in part to exposure to Hodlnaut. The firm said it is pursuing a legal approach to recover such losses from Hodlnaut. (Read More)
A Singapore Court has placed a popular crypto lending firm, Hodlnaut, under Interim Judicial Management (IJM). The development manifested as part of the measures solicited [...]
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Hodlnaut gets relief as Singapore’s Court allows the financially distressed company to be restructured under court supervision.
Continue reading Singapore High Court Grants Judicial Management To Hodlnaut at DailyCoin.com.
Embattled crypto lender Hodlnaut has been placed under interim judicial management (IJM), according to an August 29 announcement.
The post Singapore court places Hodlnaut under judicial management appeared first on CryptoSlate.
Hodlnaut revealed today that the Singapore Police Force had issued a transfer order that could exhaust its accounts. Singapore Police Demand $127 Million Singapore police are demanding money from Hodlnaut....
Hodlnaut, a Singapore-based crypto lender, has laid off over 80 percent of its workforce. The crypto lender confirmed the development in a blog post. Additionally, [...]
Hodlnaut’s judicial management process has revealed exposure to Terra, while the firm has decided to lay off employees. Hodlnaut Proceedings Continue Hodlnaut is cleaning house as it continues its recovery...
Hodlnaut, a troubled Singapore-based crypto lender, says it has released 80% of its workforce as it looks to execute a recovery plan after its financial health took a major hit.
In a blog post Friday, Hodlnaut said that it has laid off 40 employees (constituting 80% of the staff) since halting withdrawals. Per the company, the layoffs are necessary as the team tries to execute a recovery plan, with a reduction in expenditure among the first steps towards that.
The distressed firm will also look to stabilise its liquidity further through a reduction of its burn rates. As such, “all open term interest rates” have been cut to 0% APR, with this set to take effect on 22 August, 5 pm Singapore time.
Hodlnaut’s financial healthHodlnaut is one of many crypto firms to suffer losses following the collapse of TerraUSD, and the broader market crash that engulfed the ecosystem and sent crypto prices plummeting.
Part of the recovery plans the firm has put in place since being forced to pause customer withdrawals is to seek judicial management. In Singapore, this is a process involving the courts in which a firm seeks protection (a moratorium) from liquidation as it embarks on a recovery effort.
If the judicial application is successful, the company’s crypto holdings – Bitcoin (BTC/USD) and Ethereum (ETH/USD) – will not be liquidated in a manner that might impact customers, the firm’s statement noted. The process of acquiring an interim Judicial Manager has started, with the Singapore Court expected to hear the application beginning Monday, 22 August 2022.
Meanwhile, the company’s efforts to navigate the turmoil are likely also to depend on an ongoing investigation involving the Singapore police.
Hodlnaut did not provide specific details about the pending police proceedings, only noting that the “actions are taken in what we believe to be in the best interests of our users.”
The post Singapore-based crypto lender Hodlnaut cuts 80% jobs appeared first on Invezz.
In a blog post published on Friday, Singaporean crypto lender Hodlnaut revealed significant layoffs and ongoing “police proceedings,” underscoring the precarious financial and legal predicament of the most recent company to suspend cryptocurrency withdrawals. Hodlnaut said in the blog that in an effort to “stabilize our liquidity” and reduce costs, it let go 40 employees […]
Hodlnaut is not giving up yet, but will the Singaporean Police show mercy to the crippled crypto platform?
Hodlnaut is not giving up yet, but will the Singaporean Police show mercy to the crippled crypto platform?
Hodlnaut, a Singapore-based digital currency lending platform, has joined its counterparts in seeking out the protection of the courts with its recent application for Judicial Management. (Read More)
Crypto lender Hodlnaut has announced that it is seeking judicial management in Singapore following its decision to suspend withdrawals. Hodlnaut Requests Judicial Management Hodlnaut has announced its latest steps toward...
Hodlnaut on Monday suspended all withdrawals, swaps, and deposits on its platform and said it is exploring potential recovery plans options. (Read More)
Hodlnaut, a popular crypto lender based in Singapore, has temporarily suspended withdrawals, deposits, and token swaps on its platform. The protocol in a press release [...]
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