Hodlnaut, a Singapore-based crypto lending platform Become the latest company to suspend withdrawals and deposits. by blaming market conditions and lack of liquidity
The crypto lending company made the official announcement on Monday. Claims that market conditions have forced the need to suspend services and are working on a recovery plan.
Hodlnaut also stated that Singapore regulatory license has been revoked. and hence Any token exchange features will no longer be offered.
“We are working on a recovery plan. We hope to provide updates and details as soon as possible. And we are consulting with Damodara Ong LLC regarding the feasibility and timing of our intended action plan. And we are strategizing our recovery plan with the best interests of our users in mind.”
The crypto lending platform said it would officially suspend all social media accounts except Twitter and Telegram. And in addition to suspending social media, founder Juntao Zhu also shut down Twitter privately.
Hodlnaut is not affiliated with any Three Arrow Capital (3AC), but some reports claim that The company was not transparent about its investment in Terra’s stablecoin, according to a report published by Fatman in June. Points to massive Hodlnaut holdings during stablecoin depeg
Zhu claimthat the Company did not purchase any UST and caused no loss of any kind to the UST Returns Service, but without any documentary confirmation. as evidence
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