Facing a liquidity crisis, the crypto-lending platform Hodlnaut carried out mass layoffs to trim costs. The blog says.
According to the statement, the management cut the workforce by 80% — 40 people were laid off. Hodlnaut estimates that the number of remaining employees is optimal for the company to carry out its key functions.
“To further stabilise our liquidity, […] we will reduce the open interest rates to 0% per annum from 22 August,” the statement said.
On the same day in Singapore, Hodlnaut’s request for the appointment of a provisional liquidator and a moratorium on legal claims against the firm will be considered. the platform’s representatives filed on 16 August.
Earlier, regarding the temporary suspension of operations, announced by the crypto-lending platform Vauld, and Celsius Network filed for bankruptcy.
On August 8 Hodlnaut suspended withdrawals, swaps and token deposits.
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