The troubled crypto lender Hodlnaut shared another update after the company froze withdrawals on August 8, and then revealed the company is seeking judicial management in order to rehabilitate the startup. The latest update shows that Hodlnaut experienced a shortfall of around $193 million and this past week the company has laid off roughly 80% of the startup’s workforce.
Crypto Lender Says ‘Financial Circumstances Are a Result of Losses Suffered by Hodlnaut’s Hong Kong Subsidiary During the Terrausd Crash’
It seems that Hodlnaut lost close to $200 million and the company is now looking for assistance and protection from the Singapore High Court. In a judicial management process update published on August 19, Hodlnaut says the company’s Hong Kong subsidiary suffered from the terrausd (UST) crash. At the time, Hodlnaut claims the terrausd (UST) crash sparked “unusually high volumes of withdrawals.”
After the update was published, the whistleblower Fatman explained that the court...
Your content is great. However, if any of the content contained herein violates any rights of yours, including those of copyright, please contact us immediately by e-mail at media[@]kissrpr.com.
INN caught up with cryptocurrency investment expert Dan Hoover to review the current landscape and where the market may be heading. The cryptocurrency investment marketplace has gone through severa...