- Angela Ee and Aaron Loh of EY Corporate Advisors Pte are temporary managers.
- To save costs, Hodlnaut let off 80 percent of its workforce last week.
The Singapore High Court have just now approved judicial management for the cryptocurrency lending platform Hodlnaut. The official announcement announces that Angela Ee and Aaron Loh of EY Corporate Advisors Pte have been appointed as temporary managers of Hodlnaut.
According to a post on Hodlnaut’s official Telegram channel, the company isn’t sharing any new information and doesn’t have a timeframe for when to expect an update.
On August 13, the company first sought judicial administration in order to shield itself temporarily from potential lawsuits. The application also indicated the incorporation of external temporary management to aid in the company’s reorganization. This prevented the huge loss that would have resulted from selling off Bitcoin (BTC) or Ethereum (ETH) holdings.
Stringent Regulations Ahead
To save costs, Hodlnaut let off 80 percent of its workforce last week. The crypto lender’s statement that “these actions are taken in what we believe to be in the best interests of our users”, since it refers to the ongoing procedures with the Singapore police and Attorney General.
Hodlnaut froze withdrawals, deposits, and token swaps 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 the debut of Hodlnaut in 2019. Singapore has a lot to consider in terms of consumer protection and business regulation. Especially in light of recent market movements and the collapse of crypto enterprises.
In response to questions from legislators and advisers, Singapore’s central bank and financial regulator, the Monetary Authority of Singapore (MAS), released specific recommendations on Wednesday to curb risky investments and safeguard individuals.
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