Hodlnaut suspends withdrawals! I believe that this is a piece of shocking news to all crypto investors as another crypto platform goes down the drain.
The crypto industry is already badly beaten over the 1 year period as we see prices of Bitcoin, Ethereum plunged from their all time high. You really need a strong heart to invest in Cryptocurrencies!
If you never heard of Hodlnaut, they are a Singapore-based crypto currency lender and borrower. In simple terms, you deposit crypto with them and earn crypto interest which is paid out on a weekly basis.
In Hodlnaut’s email to all investors, they announced that they will be halting withdrawals, token swaps and deposits with immediate effect.
Hodlnaut have also withdrawn their licence application with the Monetary Authority of Singapore (MAS). Therefore, they will no longer be providing regulated digital payment token (DPT) services, for example, their token swap feature.
In their email, Hodlnaut shared that they are actively working on the recovery plan that they hope to provide updates and details on as soon as permissible. They are consulting with Damodara Ong LLC on the feasibility and timelines of their intended execution plan and are strategising their recovery plan with their users’ best interests in mind.
I know you have a lot of questions in your mind just like me. If this helps, they have posted a FAQ here: https://www.hodlnaut.com/press/hodlnaut-message-to-our-users
As shared previously, crypto is a highly risky investment. You can become a millionaire overnight and also lose it all in one night.
Personally, I have some crypto deposited with Hodlnaut when they first launched. Even though I know of some financial bloggers who deposited more than 20K in Hodlnaut, I was never comfortable to follow them.
If you have heard of the old saying “Invest in money you can afford to lose“. In this case, even if I lose all of my holdings in Hodlnaut, I can still sleep well at night.