Hodlnaut: There are 'pending litigation' with the Singapore police force, which has cut its workforce by 80%

Crypto lending platform Hodlnaut said it has "pending litigation" with the Singapore police, according to Bloomberg. Hodlnaut said in a statement that the lawsuit also involved Singapore's attorney general and that it could not disclose any further information on the matter, adding that it had laid off about 40 people, or about 80 percent of its workforce. As previously reported by BlockBeats, crypto lending platform Hodlnaut filed an application in Singapore's High Court on Aug 16 seeking creditor protection to allow legal claims and litigation proceedings to be temporarily suspended and avoid forced Token sales at low prices so that it can stabilise its financial position, Focus on restructuring and recovery plans. On August 8, Hodlnaut announced it was suspending user withdrawals and deposits, saying it would develop a restructuring and recovery plan.