Beleaguered crypto lender Hodlnaut has stayed true to its promise, and has been regularly updating its users about its situation. In a blog posted today, the company informed users that it has fired 80% (about 40 people) of its staff.
The company is currently only retaining employees which are necessary to ‘carry out key functions’.
Hodlnaut will also cut down interest rates to 0% APR from August 22 in an attempt to stabilize their liquidity and cut costs.
The company’s founders are in Singapore and ‘working hard on a recovery plan’.
The company is also engaged in “proceedings” with Singaporean authorities. Hodlnaut’s next hearing in court about being placed under Interim Judicial Management will be on August 22.
Hodlnaut froze users’ assets early in August and is currently seeking government protection from creditors. It has asked users to expect the next update on August 23.
