Friday, July 11, 2025
  • Login
Euro Times
No Result
View All Result
  • Home
  • Finance
  • Business
  • World
  • Politics
  • Markets
  • Stock Market
  • Cryptocurrency
  • Investing
  • Health
  • Technology
  • Home
  • Finance
  • Business
  • World
  • Politics
  • Markets
  • Stock Market
  • Cryptocurrency
  • Investing
  • Health
  • Technology
Euro Times
No Result
View All Result

Hodlnaut Cuts Staff as Terra Exposure Is Revealed

by Mike Dalton
August 20, 2022
in Cryptocurrency
Reading Time: 3 mins read
A A
0
Home Cryptocurrency
Share on FacebookShare on Twitter


Key Takeaways

  • Hodlnaut revealed an replace on its restoration efforts and its judicial administration course of at the moment.
  • A leaked portion of continuing paperwork reveal that the corporate had at the least oblique publicity to Terra.
  • Hodlnaut additionally revealed that it’ll lay off workers and alter sure charges to avoid wasting on bills.

Share this text

Hodlnaut’s judicial administration course of has revealed publicity to Terra, whereas the agency has determined to put off workers.

Hodlnaut Proceedings Proceed

Hodlnaut is cleansing home because it continues its restoration makes an attempt, shedding 80% of its workforce.

The crypto lending agency initially froze consumer withdrawals on August 8. It then initiated a judicial administration request on August 16, which can grant the corporate safety from authorized claims as a court-appointed officer takes over its administration.

As we speak, the agency stated that this course of is transferring ahead, as its authorized illustration attended the primary case convention for its judicial administration utility on August 18.

Hodlnaut stated its utility to be positioned below interim judicial administration could be heard on August 22. This course of will run parallel to its judicial administration utility, which has a listening to date scheduled for August 30.

Although entry to continuing paperwork is restricted to clients, particulars from the proceedings have been leaked. Hodlnaut stated months in the past that it had no direct publicity to the just lately collapsed TerraUSD (UST). Nevertheless, the leaked paperwork counsel it had staked TerraUSD Basic (USTC) by Anchor Protocol.

“Hodlnaut Pte. Ltd has no direct publicity to UST,” an organization member wrote. “Not directly, nevertheless, there’s impression of the UST depeg on Hodlnaut Pte. Ltd.” The odd phrasing of the assertion leaves a lot unclear, as holding property in Anchor Protocol would have required publicity to UST (now USTC).

These funding actions triggered Hodlnaut to lose $189.7 million, in accordance with the textual content of the submitting.

The corporate additionally introduced at the moment that it has laid off 80% of its workforce to cut back bills.

Now, simply 40 workers stay on the firm. Hodlnaut says that the workers who stay on the workforce are the “vital headcount to ensure that us to hold out key features.”

Hodlnaut moreover stated it will cut back burn charges and alter all open-term rates of interest to 0% as a part of its makes an attempt to regain liquidity. This coverage will take impact starting on August 22.

Lastly, Hodlnaut indicated that there are proceedings between it and the Singapore Lawyer-Common and Singapore Police Pressure. It stated it’s “unable to reveal any info on this regard.”

The corporate says it’s going to seemingly put up its subsequent replace on August 23.

Disclosure: On the time of writing, the writer of this piece owned BTC, ETH, and different cryptocurrencies.

Share this text

The data on or accessed by this web site is obtained from impartial sources we imagine to be correct and dependable, however Decentral Media, Inc. makes no illustration or guarantee as to the timeliness, completeness, or accuracy of any info on or accessed by this web site. Decentral Media, Inc. will not be an funding advisor. We don’t give personalised funding recommendation or different monetary recommendation. The data on this web site is topic to alter with out discover. Some or the entire info on this web site might change into outdated, or it could be or change into incomplete or inaccurate. We might, however will not be obligated to, replace any outdated, incomplete, or inaccurate info.

It’s best to by no means make an funding choice on an ICO, IEO, or different funding primarily based on the data on this web site, and it’s best to by no means interpret or in any other case depend on any of the data on this web site as funding recommendation. We strongly suggest that you simply seek the advice of a licensed funding advisor or different certified monetary skilled if you’re searching for funding recommendation on an ICO, IEO, or different funding. We don’t settle for compensation in any kind for analyzing or reporting on any ICO, IEO, cryptocurrency, forex, tokenized gross sales, securities, or commodities.

See full phrases and situations.





Source link

Tags: cutsExposureHodlnautrevealedstaffTerra
Previous Post

Investor Ryan Cohen completes planned sale of Bed Bath & Beyond stake, stock falls 40%

Next Post

Only AMAT-ter Of Time; Blue-Chip Dividends & Deere Necessities

Related Posts

Robinhood Offers Crypto Trading “at the Lowest Cost,” but Is It False Advertising?

Robinhood Offers Crypto Trading “at the Lowest Cost,” but Is It False Advertising?

by Arnab Shome
July 11, 2025
0

Robinhood (Nasdaq: HOOD) is dealing with an investigation by Florida’s high prosecutor for claiming that it affords crypto buying and...

Research Predicts 0,000 Bitcoin By EOY, If Treasury Firms Hold

Research Predicts $160,000 Bitcoin By EOY, If Treasury Firms Hold

by Jake Simmons
July 11, 2025
0

Motive to belief Strict editorial coverage that focuses on accuracy, relevance, and impartiality Created by business consultants and meticulously reviewed...

Remixpoint CEO to Receive Entire Salary in Bitcoin

Remixpoint CEO to Receive Entire Salary in Bitcoin

by Emmanuel Musa
July 11, 2025
0

Japanese-listed agency Remixpoint has change into the primary within the nation to pay its CEO completely in bitcoin, aligning government...

OpenAI Faces IRS Complaint Over Alleged Tax Violations

OpenAI Faces IRS Complaint Over Alleged Tax Violations

by Cointelegraph By Martin Young
July 11, 2025
0

Synthetic intelligence watchdog the Midas Venture has filed a grievance in opposition to ChatGPT maker OpenAI, accusing the agency of...

Here Are Top Developments Surrounding XRP Recently That You Should Be Aware Of

Here Are Top Developments Surrounding XRP Recently That You Should Be Aware Of

by Scott Matherson
July 10, 2025
0

Trusted Editorial content material, reviewed by main trade specialists and seasoned editors. Advert Disclosure The XRP ecosystem is witnessing a...

Coinbase Adds Support for Pump.Fun Ahead of $PUMP Token ICO

Coinbase Adds Support for Pump.Fun Ahead of $PUMP Token ICO

by Kelvin Munene Murithi
July 10, 2025
0

Coinbase Worldwide Change has introduced that it'll add help for the $PUMP token forward of its Preliminary Coin Providing (ICO)....

Next Post
Only AMAT-ter Of Time; Blue-Chip Dividends & Deere Necessities

Only AMAT-ter Of Time; Blue-Chip Dividends & Deere Necessities

Thinking Of Retiring? Think Again – Inflation Making Many Retirees Return To Work

Thinking Of Retiring? Think Again - Inflation Making Many Retirees Return To Work

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Dividend Kings In Focus: ABM Industries

Dividend Kings In Focus: ABM Industries

July 11, 2025
8th CPC Revised Pension Estimates: Are you Level 2, 4, 6, 8 and 10 employee? Know your projected revised pension at 2.08 and 2.57 fitment factors

8th CPC Revised Pension Estimates: Are you Level 2, 4, 6, 8 and 10 employee? Know your projected revised pension at 2.08 and 2.57 fitment factors

July 11, 2025
Russian basketball player arrested on suspicion of carrying out ransomware attacks

Russian basketball player arrested on suspicion of carrying out ransomware attacks

July 11, 2025
Trump announces 35% tariffs on Canada starting Aug. 1, warns of higher levies

Trump announces 35% tariffs on Canada starting Aug. 1, warns of higher levies

July 11, 2025
Why ACA health insurance premiums may see ‘sharp’ increase in 2026

Why ACA health insurance premiums may see ‘sharp’ increase in 2026

July 11, 2025
Robinhood Offers Crypto Trading “at the Lowest Cost,” but Is It False Advertising?

Robinhood Offers Crypto Trading “at the Lowest Cost,” but Is It False Advertising?

July 11, 2025
Euro Times

Get the latest news and follow the coverage of Business & Financial News, Stock Market Updates, Analysis, and more from the trusted sources.

CATEGORIES

  • Business
  • Cryptocurrency
  • Finance
  • Health
  • Investing
  • Markets
  • Politics
  • Stock Market
  • Technology
  • Uncategorized
  • World

LATEST UPDATES

Dividend Kings In Focus: ABM Industries

8th CPC Revised Pension Estimates: Are you Level 2, 4, 6, 8 and 10 employee? Know your projected revised pension at 2.08 and 2.57 fitment factors

  • Disclaimer
  • Privacy Policy
  • DMCA
  • Cookie Privacy Policy
  • Terms and Conditions
  • Contact us

Copyright © 2022 - Euro Times.
Euro Times is not responsible for the content of external sites.

No Result
View All Result
  • Home
  • Finance
  • Business
  • World
  • Politics
  • Markets
  • Stock Market
  • Cryptocurrency
  • Investing
  • Health
  • Technology

Copyright © 2022 - Euro Times.
Euro Times is not responsible for the content of external sites.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In