Cryptocurrency lending platform Hodlnaut has frozen withdrawals, deposits and token swaps after facing "difficult market conditions," according to an Aug. 8 announcement.
The Singapore-based firm, founded in 2019, said the decision was taken to focus on stabilizing liquidity and preserving assets while it works on a long-term solution.
The company is the latest in a line of crypto lenders that have buckled under market pressure this year, with Celsius Network and Voyager Digital both declaring bankruptcy. The total crypto market cap has slumped to about $1 trillion from more than $3 trillion in November.
Hodlnaut is consulting with Singapore-based law firm Damodara Ong on a timeline for a plan to preserve user assets.
By signing up, you will receive emails about CoinDesk product updates, events and marketing and you agree to our terms of services and privacy policy.
Your content is great. However, if any of the content contained herein violates any rights of yours, including those of copyright, please contact us immediately by e-mail at media[@]kissrpr.com.
INN caught up with cryptocurrency investment expert Dan Hoover to review the current landscape and where the market may be heading. The cryptocurrency investment marketplace has gone through severa...