Days after freezing withdrawals on its platform and filing for creditors’ protection, the troubled Singapore-based crypto lending firm Hodlnaut announced that it is cutting 80% of its employees.

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Hodlnaut Fired 40 staff, Slashes Interest Rates, and Confirms Authorities Investigation

According to the firm, the move to lay off 40 employees is to lower expenses, it also slashed interest rates to zero in a last-ditch attempt to resolve its liquidity crisis.

Hodlnaut says the severe market situation and losses incurred as a result of Terra’s collapse are the reasons for the firm’s dire financial crisis.

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“Hodlnaut’s present financial circumstances are a result of losses suffered by Hodlnaut’s Hong Kong subsidiary during the TerraUSD crash, unusually high volumes of withdrawals, the overall decline in cryptocurrency prices from their 2021 highs and issues relating to certain user(s) who have deposited substantial amounts of cryptocurrency with Hodlnaut,” according to the blog post released by the firm.

The firm has applied for judicial management, a request that will be heard before the court today, which according to Hodlnaut, will eventually benefit the users as it’ll prevent liquidations of Hodlnaut’s BTC and ETH holdings.

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Hodlnaut’s founders are currently working on a recovery plan in Singapore. 

The crypto lending firm has also confirmed police investigations, although the firm didn’t disclose any meaningful details but assured users that “these actions are taken in what we believe to be in the best interests of our users.”

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