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08 ago. 2022

Crypto lending platform Hodlnaut halts withdrawals and is working on a recovery plan

Crypto lending platform Hodlnaut halts withdrawals and is working on a recovery plan

Crypto lending platform Hodlnaut has halted withdrawals in an apparent liquidity crisis. The firm cited recent market conditions for the move and said that it needs to "focus on stabilising our liquidity and preserving assets."

According to a statement today, the platform has also stopped token swaps and deposits. In light of this, it is working with Singapore law firm Damodara Ong LLC on a recovery plan.

"Halting withdrawals and token swaps was a necessary step for us to stabilise our liquidity, and give us the time to work closely with our legal advisors to come up with the best possible restructuring and recovery plan for our users," said the platform.

Hodlnaut has also withdrawn its license application with the Monetary Authority of Singapore. Without this application, it's unable to support token swaps, which are a regulated service.

Hodlnaut said that it will continue to pay out interest to its customers until further notice.

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