Singapore-based crypto platform Hodlnaut halts withdrawals, deposits, and token swaps, citing market volatility, and joins the long list of crypto platforms going bust.
Hodlnaut said in a statement "we have since informed the MAS (Monetary Authority of Singapore) of our intention to withdraw our licence application. Hodlnaut is therefore no longer providing regulated digital payment token (DPT) services, i.e., our token swap feature. For the avoidance of doubt, Hodlnaut will also cease all borrowing and lending services." Hodlnaut’s withdrawal pause follows companies like Celsius, Voyager Digital, Babel Finance, and Vauld freezing withdrawals.
Since the announcement, Hodlnaut CEO Juntao Zhu has turned his Twitter account private. The company also has disabled its Facebook, Discord, and Reddit pages. The company said it is consulting with Damodara Ong LLC, and working on an execution and recovery plan for the best interests of its users. It is expected to give an update on its recovery plan on August 19.
Hodlnaut’s LinkedIn page still shows $500 million of assets under management, and the company has assured customers that it will still provide interest on their deposits.
In a 2021 blog post, the firm claimed that it integrated “iTrust insure” into its platform, giving users the opportunity access to Nexus Mutual custody cover.
According to the company, the user who purchased the custody insurance will receive the equivalent of their funds in Ethereum (ETH) or DAI tokens...
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