Home Markets Crypto Lender Hodlnaut Suspends Withdrawals – Company Cites Market Conditions, Despite Recent Crypto Rally

Crypto Lender Hodlnaut Suspends Withdrawals – Company Cites Market Conditions, Despite Recent Crypto Rally

Crypto Lender Hodlnaut Suspends Withdrawals – Company Cites Market Conditions, Despite Recent Crypto Rally

On August 8, crypto exchange and lending platform Hodlnaut announced that the company had suspended withdrawals, token exchanges, and deposits. Hodlnaut joins a slew of crypto firms that have frozen withdrawals for the past three months, leaving little hope for customers to see their funds again. Long before Hodlnaut’s withdrawal break, Terra whistleblower called Fatman warned people about Hodlnaut’s alleged troubles.

Another Crypto Platform Freezes Trades Citing Recent Market Conditions

Another crypto exchange and lending platform, called Hodlnaut, revealed that it had suspended all operations, including withdrawals, token exchanges and deposits. “Dear users, we regret to inform you that we will immediately stop withdrawals, token exchanges and deposits due to recent market conditions,” the company said. tweeted In Monday. We also withdrew our MAS license application. Here is our full statement — Our next update will be on [August 19]added Hodlnaut.

Of course, the crypto community was not happy with Hodlnaut’s decision and either criticized the platform or made fun of of the company and its customers. The adage “not your keys, not your coins” is prominent in Hodlnaut’s Twitter announcement feed. In the blog post the crypto firm shared on Twitter, he notes that the company is focused on stabilizing “liquidity and asset preservation.”

“We are actively working on the recovery plan on which we hope to provide updates and details as soon as possible,” Hodlnaut said. blog post details. “We are consulting with Damodara Ong LLC on the feasibility and timelines of our planned execution plan and strategizing our recovery plan with the best interests of our users in mind.” Hodlnaut’s withdrawal pause follows companies like Celsius, digital travel, Babel Financeand Vault also freeze withdrawals.

Before Hodlnaut Freezes Withdrawals, Terra Whistleblower Fat man warned people against the platform and pointed out at the time that “these websites are not as trustworthy as you might think”. Fat man Explain how Hodlnaut added Terra’s UST and LUNA (now called classic coins) with high annual percentage yields (APY). Fatman further clarified that Hodlnaut had told the public that he had no exposure to Anchor. When Terra collapsed, the platform temporarily suspended LUNA and UST swaps on May 9, and two days later Hodlnaut wrote:

Hodlnaut is NOT all-in on UST as mentioned in a particular Reddit rumor. This is a false assertion.

Crypto Whistleblower accuses Hodlnaut team of taking deposits ‘under false pretenses’

After the August 8 withdrawal break, Fatman said tweeting the warning to people was worth it in the end. “Hodlnaut has now frozen all withdrawals,” Fatman said. “I sincerely hope all is well over there. If there are major issues, a lot of good people will go bankrupt. I got tons of hate on my feed from Hodlnaut fans, but I ‘ve also received messages from grateful customers who opted out so it was 100% worth it Fatman added that he would have been threatened with lawsuits from the Hodlnaut team when he posted the Twitter thread on the company at the end of June.

“Hodlnaut deleted his team’s page – It’s not that easy. Juntao Zhu said he would file lawsuits against me for my Twitter feed. These lawsuits never happened and never will. JT [and] Chang Teck Goh Criminally Accepted More Deposits Under False Pretenses and Deserves Jail,” Fatman insisted.

The whistleblower too said he also emailed the Monetary Authority of Singapore (MAS) in June. He noted that he didn’t think it was a good idea for “Singaporean authorities to give Hodlnaut a semblance of legitimacy.” However, no one from MAS responded to the whistleblower’s email and said he felt bad for not pushing hard enough before the takedown break took place. Fatman has become a very popular individual in the crypto community and his social media presence has managed to earn him nearly 100,000 followers.

Keywords in this story

Chang Teck Goh, Damodara Ong, Fat man, frozen withdrawals, Hodlnaut, Hodlnaut customers, Hodlnaut customers, The Hodlnaut team, Hodlnaut withdrawals, Juntao Zhu, SAM, Monetary Authority of Singapore, pause of operations, Suspend withdrawals, recovery plan, Singapore

What do you think of Hodlnaut’s withdrawal break? What do you think of Fatman’s accusations? Let us know what you think about this topic in the comments section below.

Jamie Redman

Jamie Redman is the News Manager at Bitcoin.com News and a fintech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He is passionate about Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written over 5,700 articles for Bitcoin.com News about disruptive protocols emerging today.

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