Freezing withdrawals

Hodlnaut has just announced that they will be halting withdrawals, token swaps and deposits with immediate effect. This decision is in lieu of recent market conditions. 

According to the announcement made public by the Hodlnaut team, they are halting withdrawals as they wanted to “focus on stabilizing our liquidity and preserving assets” and further added that they are working to find the best way “to protect our user’s long-term interest”.

In light of their decisions above, the Hodlnaut team has also informed the Monetary Authority of Singapore (MAS) of their intention to withdraw their licence application as they no longer provide regulated digital payment token (DPT) services.

“For the avoidance of doubt, Hodlnaut will also cease all borrowing and lending services”.

Their contingency plan

The Hodlnaut team is actively working on a recovery plan and updates will be made public as soon as possible. They are also consulting Damodara Ong LLC on timelines and intended execution plan in “strategizing our recovery plan with our user’s best interest in mind”.

The next update will be made public on the 19th of August 2022.

Find out more on their FAQs here.

[Editor’s Note: This article does not represent financial advice. Please do your own research before investing.]

Featured Image Credit: ChainDebrief