Hodlnaut cuts staff amid legal proceedings

Hodlnaut cuts staff amid legal proceedings

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Jonathan
Jonathan

An editor at Coincrop


19 Aug 2022 | 2 min read
18,362 views

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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.


Jonathan

Jonathan

An editor at Coincrop
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Jonathan is a Crop Crop staff writer based in the UK, covering the best rates for cryptocurrency earning and borrowing products. When not at work, he's likely sailing.


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