Hodlnaut Announces Halting Withdrawals, Here Are The Details!
Hodlnaut announces halting withdrawals! Here are the details! On 8 August, the Singapore-based crypto lender posted an announcement on the official website.
The Announcement
On 8 August, Hodlnaut announced to all users about halting withdrawals. Other activities, such as token swaps and deposits, are also inactive for the time being. Hodlnaut referred to market conditions as the reason for halting these activities.
Dear users, we regret to inform you that we will be halting withdrawals, token swaps and deposits immediately due to recent market conditions. We have also withdrawn our MAS licence application. Here is our full statement https://t.co/5KfHUBzWsn Our next update will be on 19 Aug.
— Hodlnaut (@hodlnautdotcom) August 8, 2022
The hard decision is to make the firm more focused on stabilizing liquidity and preserving its assets. They also will find the best way to secure the long-term interests of users. Currently, Hodlnaut is consulting with local law firm Damodara Ong LLC on the feasibility and timelines of the recovery plan while also thinking of users’ best interests.
In addition to the announcement, Hodlnaut informed the Monetary Authority of Singapore (MAS) about their plan to withdraw their license application. As a result, the Token Swap feature is no longer available. They added that borrowing and lending services are also unavailable.
Hodlnaut closed the announcement by warning everyone that the firm would provide updates through the official channels. Therefore, be aware of any fake updates about Hodlnaut. The next update will be on 19 August 2022.
Previously on Hodlnaut
In March, Hodlnaut announced they received In-Principle Approval (IPA) from MAS to “provide digital payment token (DPT) services as a Major Payment Institution.” At the time of the announcement, MAS was regulating the DPT Token Swap feature.
Now, Hodlnaut is one of the crypto firms to have halted all withdrawals activities due to market conditions.
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