“We have applied to be placed under judicial management in light of the Hodlnaut’s financial health,” they added, considering how they will be able to avoid liquidation of Hodlnaut’s holdings of Bitcoin (BTC) and Ethereum (ETH) coupled with the opportunity to execute a recovery plan and rehabilitate the company.
Singapore-based crypto lender Hodlnaut has recently engaged in widespread layoffs amid a recent investigation by the Singapore police.
The company has let go of around 40 employees – about 80% of their staff – in addition to slashing interest rates to 0% annual percentage rate, in a bid to “further stabilise their liquidity” as revealed in a statement published on their website.
