Today in Crypto: Hodlnaut Freezes Withdrawals

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Today in Crypto: Hodlnaut Freezes Withdrawals

Crypto lender Hodlnaut froze withdrawals, token trades and deposits starting Monday (August 8), citing “recent market conditions,” the company said. website said.

The Singaporean company said a “difficult decision has been made for us to focus on stabilizing our liquidity and preserving assets, as we work to find the best way to protect the long-term interests of our users. “.

The company says it has also notified the Monetary Authority of Singapore that it is withdrawing its license application and will not provide regulated digital payment token services like its token exchange function.

Hodlnaut says he is working on a recovery and will provide updates when they arrive.

Elsewhere, Nvidia’s preliminary second-quarter results show lower revenue than expected, a report of the company said.

The company said that stemmed from weaker-than-expected demand for gaming products, saying there were fewer new graphics processors being sold. GPUs, however, are also used in crypto mining, and the drop in demand there is history.

“Our gaming product sales projections declined significantly during the quarter,” said Jensen Huang, Founder and CEO of Nvidia. “As we expect macroeconomic conditions affecting sales to continue, we have taken action with our gaming partners to adjust pricing and channel inventory.”

Meanwhile, the Treasury Department has banned US residents from using Tornado Cash, the decentralized crypto-mining service, a report by Coindesk said.

This comes as the Office of Foreign Assets Control (OFAC), which monitors sanctions violations, has added Tornado Cash to its blacklist of people, entities and crypto addresses.

Treasury says Tornado Cash has been a key part of North Korea-based Lazarus Group, which has been linked to numerous recent hacks, including the $625 million hack of Axie Infinity’s Ronin Network. , according to the Treasury Department. The Ronin crypto was passed through Tornado Cash, which is designed to hide the source of the crypto.

In other news, Aston Martin Aramco Cognizant Formula One team will introduce cryptocurrency payments for its online store, a company website said Monday.

This makes it the first official F1 merchandise outlet to allow crypto payments.

The company will work with Crypto.com and its e-commerce partner Cube. Cube has worked with Crypto.com to integrate into the latter’s global ecosystem.

Meanwhile, crypto financial services firm Galaxy Digital saw its second-quarter loss more than double as digital asset prices tumbled, Bloomberg wrote.

The company lost $554.7 million, which was a big increase from $182.9 million a year ago.

This is mainly due to unrealized losses on digital assets and investments in trading and major investment activities.

Michael Novogratz, the billionaire founder of the company, said the crypto industry “needs new energy” like Ethereum’s “Merge” upgrade, which led to a rally for the token.

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