The liquidity crisis in the cryptocurrency market place continues to get in touch with Hodlnaut’s identify. This cryptocurrency lending platform has just announced to suspend deposits and withdrawals on August eight, 2022.
As Coinlive reviews, the liquidity crisis affecting the cryptocurrency market place exhibits no indications of stopping. After 3 significant institutions, Three Arrows Capital (3AC), Voyager Digital and Celsius filed for bankruptcy respectively, one more Hodlnaut lending platform announced it would suspend withdrawals on August eight, 2022.
Specifically in official announcementHodlnaut explained, due to the existing market place condition, the organization was forced to suspend client withdrawals to “focus on stabilizing our liquidity and preserving our assets.”
Dear consumers, we are sorry to inform you that we will instantly suspend withdrawals, token exchanges and deposits due to latest market place disorders. We have also withdrawn our MAS license application. Here is our total statement https://t.co/5KfHUBzWsn Our following update will be on August 19th.
– Hodlnaut (@hodlnautdotcom) 8 August 2022
“Dear Hodlnaut consumer,
We are sorry to inform you that Hodlnaut was forced to instantly suspend token swaps, deposits and withdrawals due to the existing market place condition.
We have also withdrawn our license for MAS registration. We will update additional facts on August 19, 2022 “.
Therefore, the token swaps and deposits on the platform are also suspended.
“Stopping token withdrawals and exchanges is a necessary step to stabilize liquidity and gives us more time to work closely with legal counsel to come up with a restructuring and recovery plan. The best possible for our users.” .
Hodlnaut explained he is functioning with Singapore law company Damodara Ong LLC to strategy the restoration.
As Coinlive explained, the Monetary Authority of Singapore (MAS) is at the moment licensing 14 organizations to operate in the crypto room, such as Hodlnaut. With this license, Hodlnaut can legally operate on Lion Island, giving token exchange / trading providers.
And due to the suspension of this support, Hodlnaut also withdrew the license for registration at the MAS.
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