Both of the explanations offered by HR are plausible. But since a founder has told you the company is broke, it's probably broke.

I would tend to read the situation as the company leadership being desperately over-optimistic and trying to hold on to sunk costs at any cost.

Lastly, trusting people and expecting them to be honest and decent and of reasonable character is not a failing on your part. It is probably the best behavior anyone has exhibited in the situation.