Singapore crypto platform Hodlnaut suspends withdrawals

By Geoffrey Smith — Hodlnaut, a Singapore-based lending cryptocurrency lending platform, said on Monday it has suspended all withdrawals, swaps, and transfers, citing “recent market conditions”.

The platform, whose LinkedIn page claims $500 million in assets under management, is the latest in a lengthening line of crypto asset managers to have been caught out by the sharp drop in Bitcoin and alt-coins this year as central banks around the world have raised interest rates. 

However, the announcement is notable for the fact that it comes several weeks after the rout in underlying asset values appeared to have ended, suggesting that the shake-out that started with the collapse of the Luna/Terra network and also brought down Three Arrows Capital, Voyager Digital (TSX:VOYG), and the Celsius Network is still reverberating through the system. With a relative lack of clear precedent, it is only gradually becoming clear whose claims on the collapsed platforms will be honored.


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