Crypto Lender Hodlnaut Facing Police Probe, Cuts 80% of Jobs

Cryptocurrency lender Hodlnaut, which is mired in financial woes, said that there are “pending proceedings” between the firm and the Singapore authorities, although it did not reveal more, the Straits Times reported. In a statement issued on Friday, it said the proceedings involve the Attorney-General’s Chambers and the Singapore Police Force, adding that it is unable to disclose any further information on the matter. In response to queries, the police said they are "unable to comment on the case as the matter is before the courts". Hodlnaut also said it has laid off about 40 people, or 80 per cent of staff. The remaining team is needed to help with key functions. The update comes after the lender said in a statement on Tuesday that last week, it filed for judicial management - a form of debt restructuring - with the High Court. Read more.