Singapore 10 August, Singapore : Hodlnaut, a cryptocurrency lender Hodlnaut has announced a freeze on the withdrawals of token swaps, and deposits in the midst of the brutal crypto winter. The company has also notified that the Monetary Authority of Singapore (MAS) to revoke its license application, which means no longer offering regulated digital payment token (DPT) services or token swaps.
“To all our users We regret to inform you that our company will cease withdrawals as well as token swaps and deposits with immediate effective.We’ve made this difficult decision due to the current economic conditions,” the firm said in an announcement.
“For the for the avoidance of confusion, Hodlnaut will also cease all lending and borrowing services.” the statement added.
Hodlnaut has more than 500 million in assets under management, as per Crunchbase data.
The company stated that it was “actively working” on the recovery plan.
“Our next update will take place on the 19th of August, Friday, 2022,”” it said.
The fall of Terra USD in May caused ripples in the crypto market worldwide and, since then crypto hedge funds like Three Arrows Capital, Voyager Digital, Celsius Network collapsed while others such as Babel Finance and Vauld halt withdrawals.
Many crypto platforms have cut hundreds of employees.
Hodlnaut claimed the following “this hard decision was made to help us focus on stabilizing our liquidity and safeguarding assets” while trying to determine the best method to safeguard its users long-term interests.
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