- Angela E. and Aaron Law of EY Corporate Advisors Pte are interim directors.
- To save costs, Hodlnaut left 80 percent of its workforce last week.
The Singapore Supreme Court has just approved the judicial administration of a crypto-lending platform Hodelox. The official announcement announced that Angela Ee and Aaron Loh of EY Corporate Advisors Pte have been appointed as interim directors of Hodlnaut.
According to a post on Hodlnaut’s official Telegram channel, the company is not sharing any new information and has no time frame for when to expect the update.
On August 13, the company first sought the judicial department in order to temporarily protect itself from potential lawsuits. The app also noted the incorporation of temporary external management to help reorganize the company. This prevented the huge loss that would have resulted from selling Bitcoin (BTC) or Ethereum (ETH) holdings.
Strict regulations in the future
To save costs, Hodlnaut left 80 percent of its workforce last week. The crypto lender’s statement that “these actions are being taken in what we believe is in the best interests of our users,” as it refers to the ongoing actions with the Singapore Police and the Attorney General.
Hodlnaut has frozen withdrawals, deposits and token exchanges until further notice as announced on August 8. Token holders who keep their holdings untouched will earn up to 7.25 percent annually. Thanks to Hodlnaut’s debut in 2019. Singapore has a lot to consider in terms of consumer protection and business regulation. Especially in light of the recent market moves and the collapse of cryptocurrency institutions.
In response to questions from lawmakers and advisers, Singapore’s central bank and financial regulator, the Monetary Authority of Singapore (MAS), issued specific recommendations on Wednesday to curb risky investments and protect individuals.
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Crypto-lending platform Hodlnaut is laying off 80% of its staff
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