Crypto exchange Hodlnaut halts operations

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Crypto exchange Hodlnaut halts operations
Crypto exchange Hodlnaut halts operations

The crypto exchange is the latest firm to be affected by the adverse conditions of the crypto winter, following names such as Three Arrows Capital, Babel Finance, and Celsius

A Singapore-based crypto exchange Hodlnaut has halted its operations due to current market conditions.

The crypto exchange said, while working toward a solution on its current situation, the move will allow it to focus on stabilizing liquidity and preserving assets.

For a major payment institution license in March, the firm, which is founded in April 2019 by Juntao Zhu and Simon Lee, received approval from the Monetary Authority of Singapore (MAS). However, it was also exposed to the collapse of the Terra blockchain protocol in May and over US$187 million of its assets may have been exposed to the crash.

Withdrawals, token swaps, and deposits were all suspended, but users were assured that their accounts can still be accessed and any funds will still have the interest earned paid out. The firm has also halted all of its borrowing and lending services.

In addition, for a regulated digital payment token services license, the crypto exchange announced that it will be withdrawing its application to the MAS.

The firm promised an update on August 19 that aims to address all user queries.

The crypto exchange is the latest firm to be affected by the adverse conditions of the crypto winter, following names such as Three Arrows Capital, Babel Finance, and Celsius.

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