Hodlnaut Lays Off 80% Staff, FTX 2021 Financials Leaked, Crypto University Launches Learn Crypto

Hodlnaut Lays Off 80% of Staff

Hodlnaut, a cryptocurrency lending platform, announced that it cut off 80% of its employees last week. This comes after the company halted withdrawals due to the harsh market conditions. Hodlnaut suffered heavy losses after the Terra UST crash. The company is currently under judicial management to help it to restructure and hopefully recover. 

“We have heard you and understand that some of our users urgently need to access their funds. As such, we are also exploring allowing users to withdraw their initial deposit, with interest accrued in full, at a discounted amount and close their account with Hodlnaut,” said Hodlnaut in an official statement.   

Although users have expressed the need to withdraw their funds, the company has already applied for judicial management, meaning that the process will need to be reviewed and approved by the Judicial Manager if he is appointed. 

FTX 2021 Financials Leaked

According to leaked financial documents, FTX, a cryptocurrency exchange, reported a 1000% increase in revenue during the 2021 bull run. Its revenue went from $89 million in 2020 to over $1 billion in 2021. The company also expanded its global footprint and acquired distressed crypto platforms in 2022. 

Earlier this year, FTX secured a $400 million investment from the likes of SoftBank's Vision Fund 2 and Tiger Global, valuing the company at $32 billion. The company reported $270 million in revenue for the first quarter of 2022 and projects to rake in $1.1 billion this year. However, the second quarter earning results are unknown. 

FTX was founded three years ago by an ex-Wall Street quant trader, Sam Bankman-Fried. According to the records, Bankman-Fried also created the trading business Alameda Research, which accounts for around 6% of FTX's exchange transactions.

Crypto University Launches Learn Crypto 

Crypto University has partnered with Leadership 2020 and Yellow Card to launch the Learn Crypto Course for Beginners. The course is free and is available for download on the Crypto University website. It provides a deeper understanding of how blockchains work and allows them to learn about cryptocurrencies at their own pace. 

Leadership 2020 is a future leader company dedicated to the growth and development of young Africans. Yellow Card is a Nigerian crypto startup with a mission to build a new financial infrastructure for the African continent.