Hodlnaut Fires 80% of Staff to Cut Costs

Crypto lending platform Hodlnaut, which is experiencing a liquidity crisis, has recently fired a high number of employees, according to the announcement made by the company.

The company management has laid off about 80% of its staff or 40 people. According to Hodlnaut, the number of remaining employees is optimal for the company’s key functions.

The statement reads:

“To further stabilize our liquidity, we will cut open interest rates to 0% per annum from August 22.”

Singapore will consider Hodlnaut’s request for the appointment of a court administrator and a moratorium on legal claims against the firm. Representatives of the platform filed a corresponding petition on August 16.