Crypto lending platform Hodlnaut has announced that it is halting withdrawals, token swaps and deposits from today, due to ‘recent market conditions’.
The platform said that the decision was taken to focus on stabilizing liquidity and preserving assets. For now, it plans to continue paying interest to customers in order to minimize liabilities.
The Singapore-based firm also withdrew its license application to the Monetary Authority of Singapore (MAS), and will no longer provide regulated digital payment token (DPT) services.
As of now, users can only view their balances. The company wrote in its blog post, “We apologize that we are unable to facilitate any withdrawal of funds at this juncture. We believe that this will provide us with the necessary breathing room to explore potential restructuring options and recovery plans with our legal advisors.”
Read Also: Zipmex Halts Withdrawals Due to “Volatile Market Conditions”
Hodlnaut is currently working with Damodara Ong LLC to develop a timeline and strategise a recovery plan.
The firm will announce its next update on August 19, 2022.