Crypto platform Hodlnaut explores user deposit withdrawals, lays off 80% of staff

CRYPTO platform Hodlnaut says it is exploring the option of allowing users to withdraw their deposits and interest at a discounted rate, but will have to review and have the process approved by the judicial manager.

In an update on Friday (Aug 19), Hodlnaut says is currently applying for judicial management, with the courts set to hear their application on Monday.

In an effort to stem cash burn, Hodlnaut will change all open interest rates to 0 per cent annual percentage rate. The company has also laid off 80 per cent or about 40 employees to reduce expenses, with only key functions retained.