Hodlnaut stopped offering exchange services on its platform on Monday, citing liquidity crisis and the need to discuss a recovery strategy with a legal advisory firm as the industry battles to survive in the wake of a collapse in the price of cryptocurrencies.
Hodlnaut, a Singapore-based lending platform for crypto lending, announced a ban on withdrawals due to worsening market conditions.
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 We have also withdrawn our MAS licence application.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
In response to liquidity concerns, the lender reportedly halted withdrawals, token swaps, and deposits on Monday. The company assured consumers that it was working to find the best solution to safeguard their long-term interests by saying, “We would like to reassure you that this difficult decision was taken for us to focus on stabilizing our liquidity and preserving assets.”
The Singapore-based cryptocurrency company began operating as a lender for customers to borrow digital assets in April 2019. The service also offers a yield-earning feature that enables users to earn up to 7.25% on their investments. By allowing users to lend money to apparently verified institutions and businesses, Hodlnaut’s incentive structure functioned.
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