Singapore Crypto Lender Hodlnaut Freezes Withdrawals

Yet another crypto firm has paused withdrawals on its platform amid the still ongoing adverse market conditions. This time, it’s Hodlnaut, a Singapore-based crypto lender.

In an announcement, Hodlnaut stated that it will now be focussing on stabilizing its liquidity. It will be working with the Singapore law firm Damodara Ong LLC in an attempt to restructure the operation.

This year, Hodlnaut gained approval from the Singapore authorities to offer a digital payment token service to its users. However, the crypto lender is now no longer in the position to offer the Token Swap option.

The company announced August 19 as the date when it will provide new information on the ongoing issues. However, it’s still unknown when the withdrawals will be resumed.