Hodlnaut

Another one bites the dust! Just as the community was dealing with the downfall of crypto lenders like Three Arrows Capital, Hodlnaut.....

In addition to this, the platform noted that a recovery plan was underway. Similar to its counterparts, the platform blamed the recent market conditions for its decision. From the collapse of Terra to an array of crypto lenders filing for bankruptcy after halting withdrawals, the bears were an added disadvantage.

Cryptocurrency lending platform Hodlnaut has frozen withdrawals, deposits and token swaps after facing "difficult market conditions," according to an Aug.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. - The company is the latest in a line of crypto lenders that have buckled under market pressure this year, with Celsius Networkand Voyager Digitalboth declaring bankruptcy. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.

Hodlnaut said the company was 'halting withdrawals, token swaps and deposits with immediate effect' due to 'recent market conditions' and the company will ...

Hodlnaut said the firm is actively working on the recovery plan and it hopes to provide updates and details on as soon as permissible. Hodlnaut, launched in 2019, allowed investors to earn interest on their crypto by lending out their tokens. The crypto lender said it is no longer providing regulated digital payment token (DPT) services, i.e. token swap feature.

HODLNAUT will be halting withdrawals, token swaps and deposits with immediate effect, the crypto platform said in a statement on Monday (Aug 8).

Hodlnaut, a lending platform offering crypto interest accounts, has suddenly stopped processing withdrawals and token swaps.

The firm said it’s engaging with Singapore-based law firm Damodara Ong on a recovery plan and expects to next provide an update on August 19. We believe that this will provide us with the necessary breathing room to explore potential restructuring options and recovery plans with our legal advisors,” wrote Hodlnaut. That’s why Hodlnaut is unable to support token swaps, a regulated business that facilitates crypto-to-crypto trading.

Those thinking that the recent turmoil in the cryptocurrency market has abated may need to reassess. Singapore-based crypto lender Hodlnaut became the ...

Learn more random trivia in our crypto newsletter!)\n\nThe fall in the value of bitcoin and other cryptocurrencies earlier this summer caused steep losses for some firms. Cryptocurrency lender Celsius Network filed for bankruptcy protection last month, having halted withdrawals in June.\n\nA British Virgin Islands court ordered the liquidation of Three Arrows Capital after creditors sued the cryptocurrency hedge fund for failure to repay debts. Hodlnaut said it couldn't give a definitive date for when withdrawals would resume, noting, "It will not be a short process."

Crypto lender Hodlnaut said it suspended withdrawals, deposits and token swaps "due to recent market conditions."

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Singapore-based cryptocurrency lender Hodlnaut has halted customer withdrawals and operations amid an apparent liquidity crisis.

Hodlnaut also revealed that it had withdrawn its application for a digital payment token (DPT) license with the Monetary Authority of Singapore, indicating it has no plans to continue operating and will likely file for bankruptcy. “We have reached this difficult decision due to recent market conditions,” the firm added without providing any further details concerning the state of its balance sheet. Dear users, we regret to inform you that we will be halting withdrawals, token swaps and deposits immediately due to recent market conditions.

Hodlnaut said that it is working on a feasible recovery plan and will provide the next update on August 19.

“We are immensely grateful to all of our users, past or present, for your continued support over these three years. For the avoidance of doubt, Hodlnaut will also cease all borrowing and lending services. our token swap feature.

Hodlnaut joins the long list of crypto lenders freezing withdrawals.

Hodlnaut said in a statement "we have since informed the MAS (Monetary Authority of Singapore) of our intention to withdraw our licence application. 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. The whistleblower also sent an email to the Monetary Authority of Singapore (MAS) in June. He said: "I didn't believe it was wise for Singaporean authorities to give Hodlnaut any semblance of legitimacy" For the avoidance of doubt, Hodlnaut will also cease all borrowing and lending services." Hodlnaut is therefore no longer providing regulated digital payment token (DPT) services, i.e., our token swap feature.

In a blog post, Hodlnaut, founded in 2019, said it had made the “difficult decision” due to market conditions and has also said it will withdraw its licence ...

Hodlnaut also said it would withdraw its application for a licence from the Monetary Authority of Singapore (MAS), which it was granted principal approval for in March this year, to provide digital token payment services. In a blog post, Hodlnaut, founded in 2019, said it had made the “difficult decision” due to market conditions. In a blog post, Hodlnaut, founded in 2019, said it had made the “difficult decision” due to market conditions and has also said it will withdraw its licence application from the Monetary Authority of Singapore (MAS).

Cryptocurrency investment is “highly hazardous” but meltdowns in the sector haven't created financial-stability risks for Singapore, regulators in the ...

Cryptocurrency lender Hodlnaut has announced that it's freezing withdrawals, deposits, and token swaps due to uncertain economic conditions.

“This difficult decision was taken for us to focus on stabilising our liquidity and preserving assets, while we work to find the best way to protect our users’ long-term interests,” Hodlnaut states. Hodlnaut says it’s also suspending its borrowing and lending services “for the avoidance of doubt.” A bankruptcy filing spotted by Reuters lists Hodlnaut as one of Celsius’ institutional clients.