Hodlnaut cuts staff amid legal proceedings
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An editor at Coincrop
19 Aug 2022 | 2 min read
eleaguered crypto company Hodlnaut as this morning provided further updates on its trading difficulties. The company had earlier applied for judicial management as a result of losses incurred by Hodlnaut's Hong Kong subsidiary as a result of the TerraUSD crash (coupled with high volume withdrawals and cryptocurrency price drops).
In the update published on Friday, Hodlnaut revealed that 80% of its staff had been made redundant - a total of 40 employees. Additionally the company confirmed that there are "pending proceedings" between the company and Singapore police.
No Celsius Holdings
The firm provided additional information with regard to Celsius. It was confirmed that Celsius has not received or borrowed any assets from Hodlnaut.
Celsius has neither borrowed nor lent to Hodlnaut. Whilst Hodlnaut has an account with Celsius, Hodlnaut has not deposited any assets with Celsius.
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