The company said its founders are in Singapore and “working hard on the recovery plan.” Earlier this week, Hodlnaut said it had filed an application in Singapore to be placed under a form of creditor protection.
Beleaguered cryptocurrency lender Hodlnaut said there are “pending proceedings” between the company and Singapore police and that it has slashed its workforce.
The proceedings also involve the city-state’s attorney-general and it’s unable to disclose any further information on the matter, Hodlnaut said in a statement Friday. The firm has laid off some 40 people, or about 80% of employees, according to the statement.
