2 years ago
Singapore-based crypto lending level Hodlnaut announced a frost connected withdrawals citing declining marketplace conditions.
Holdnaut added that it has withdrawn its licence exertion from the Monetary Authority of Singapore (MAS).
Dear users, we regret to pass you that we volition beryllium halting withdrawals, token swaps and deposits instantly owed to caller marketplace conditions. We person besides withdrawn our MAS licence application. Here is our afloat connection https://t.co/5KfHUBzWsn Our adjacent update volition beryllium connected 19 Aug.
— Hodlnaut (@hodlnautdotcom) August 8, 2022
With this move, Hodlnaut whitethorn nary longer connection integer outgo token (DPT) services successful the Asian region.
In the meantime, the struggling level said it is moving intimately with Singaporean instrumentality steadfast Damodara Ong LLC connected a betterment strategy. It is expected to contented the adjacent nationalist update connected Friday, August 19, 2022.
The destiny of Hodlnaut users
In the announcement, Hodlnaut stated that the resumption of withdrawal and token swap volition instrumentality a portion arsenic it needs to finalize with its stakeholders connected the betterment strategy. With the suspension of withdrawal requests, users were advised to refrain from making deposits arsenic the funds volition not beryllium credited to their account.
Users affected by the improvement person taken to Twitter to explicit their disappointment with CeFi platforms.
Ultimate rekt acquisition for CeFi users:
“Not your keys, not your crypto.”
— cryptofunded (@FundedCrypto) August 8, 2022
Hodlnaut took truthful agelong to travel retired clean
On July 18 TechinAsia published a study connected Hodlnaut’s imaginable vulnerability to the Terra collapse. It confirmed that crypto quality steadfast Nansen identified 2 wallets linked to Hodlnaut, which had been utilized to determination ample amounts of UST into Terra’s Anchor protocol earlier the collapse.
Hodlnaut CEO Juntao Zhu denied the assertion saying the level did not instrumentality losses connected Terra’s UST.
Following the report, Nansen CEO Alex Svanevik called retired the lending level to beryllium much transparent to users connected the authorities of their funds.
I would expect much transparency from @jt_hodlnaut connected who this mysterious counterparty is.
The counterparty was going degen with MIM and UST portion managing lawsuit funds for @hodlnautdotcom.
Personally deliberation users are owed overmuch much transparency here.
— Alex Svanevik
(@ASvanevik) July 19, 2022
The station Singapore-based Hodlnaut freezes lawsuit accounts, drops licence application appeared archetypal connected CryptoSlate.
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