The business, which last week submitted an application for creditor protection, declined to provide any other information regarding the police procedures.
Hodlnaut, a troubled cryptocurrency lender and borrower, announced an inquiry by the Singapore police on Friday and let go of roughly 40 staff after suspending cryptocurrency withdrawals.
The business, which last week submitted an application for creditor protection, declined to provide any other information regarding the police procedures.
Regarding the police inquiry, Hodlnaut stated: "While Hodlnaut is unable to share any information in this regard, these actions are taken in what we think to be in the best interests of our users."
Hodlnaut is the most recent in a long line of international cryptocurrency players to experience problems as a result of a strong market sell-off that began in May with the demise of two coupled currencies, Luna and TerraUSD.
The crypto-lender emphasized that the layoffs were to reduce the company's expenditure, leaving it with only about 10 working employees.
