Hodlnaut Reduces Headcount by 80% Amid Police Proceedings
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Aug. 19, 2022

Singaporean cryptocurrency lending firm Hodlnaut has laid off 80% of staff to reduce the company's expenditure. The firm said in a blog post that with the move, it wants to focus on carrying out "key functions."

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In the meantime, Hodlnaut is pending proceedings with the Singapore Attorney-General and Singapore Police Force. The Singapore-based firm declined to disclose any information in this regard.

Troubled Hodlnaut Seeks Court Protection from Creditors

Hodlnaut reassured that Celsius had "neither borrowed nor lent" to the firm. Although the firm has an account with Celsius, it emphasized that it had not deposited "any assets with Celsius."

Hodlnaut suspended withdrawals, deposits, and swaps in early August to focus on "stabilizing liquidity" amid a restructuring process. The firm had also withdrawn its license application from the Monetary Authority of Singapore (MAS) for crypto payment services.

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