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The Hodlnaut platform has stopped withdrawing funds

On August 8, cryptocurrency lending platform Hodlnaut suspended withdrawals, swaps, and token deposits due to a liquidity crunch.

The company explained the situation by current market conditions. The project team is working with Singapore-based law firm Damodara Ong LLC to develop a recovery plan.

“The suspension of withdrawals and token swaps is necessary to stabilize our liquidity and develop the best possible restructuring and recovery plan,” the statement said.

Hodlnaut also withdrew its application for a license from the Monetary Authority of Singapore to conduct exchange transactions. However, the platform will continue to pay interest to customers until further notice.

The company will disable its social media accounts with the exception of a few official channels. Hodlnaut’s YouTube account has already been deleted, and founder Juntao Zhu has closed his Twitter account.

A page with a list of team members, including two founders, five employees and an advisor, has also disappeared from the company’s website. The page archive is available through the Wayback Machine.

Recall that in early July, the Vauld crypto lending platform announced the suspension of operations and a possible restructuring due to financial difficulties.

In mid-July, the Celsius Network platform filed for bankruptcy. Its liabilities exceed the assets on the balance sheet by almost $1.2 billion.

A month earlier, Celsius suspended withdrawals, exchanges and transfers between accounts. Then the company explained this by “extreme market conditions”, but analysts suggested that the real reason for what happened was a “liquidity crisis”.

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About author

Oxford graduate with honors. He worked in large financial projects for well-known Wall Street corporations. After he earned his first capital and a reputation as a successful trader, he opened his own company. At the moment, the growth of the company's capital is 20% per year.
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