Hodlnaut Suspends Crypto Withdrawals, Exchanges And Deposits, As Crypto Winter Continues

Hodlnaut suspends its activities as the crypto market continues to fluctuate. (photo: doc. hodlnaut)

JAKARTA - Hodlnaut, a Singapore-based cryptocurrency lender and borrower, has suspended withdrawals, exchanges, and deposits. This was announced by the company on Monday, August 8, as the latest sign of stress in the cryptocurrency industry.

The crypto lender also said it would withdraw its application for a license from the Monetary Authority of Singapore (MAS) which provides digital token payment services, which it accepted in principle in March.

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 We have also withdrawn our MAS licence application.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

Hodlnaut said the move was "due to recent market conditions" and "to focus on stabilizing our liquidity and preserving assets".

The company is the latest in a string of crypto players globally to have a hard time following a sharp sell-off in the market that started last May with the collapse of two paired tokens, Luna and TerraUSD.

Other high-profile failures include US crypto lender Celsius, and Singapore-based fund Three Arrows Capital, both of which filed for bankruptcy last month.

Hodlnaut was named as one of Celsius' clients, according to court filings.

Singapore, a major hub for crypto and blockchain in Asia, has seen several crypto companies run into trouble in recent months.

Vauld, a Singapore-based crypto lending, and trading platform, suspended withdrawals in early July, and later that month, Zipmex, a Southeast Asia-focused crypto exchange, suspended withdrawals, though it has since resumed it for some products.

Hodlnaut and MAS did not immediately respond to requests for comment sent outside office hours by Reuters.