Singapore-based cryptocurrency lender Hodlnaut has paused withdrawals, token swaps and deposits citing “recent market conditions,” becoming the latest in a string of crypto casualties since May.
Founded in 2019 by Juntao Zhu and Simon Lee, Hodlnaut allows users to earn interest of as much as 7.25 percent on their cryptocurrency holdings by lending them to authorized institutions. As of Tuesday, the company said it had more than 10,000 users and $250 million in assets.
In May, Terraform Labs’ stablecoin TerraUSD and its sister token Luna collapsed, slashing their combined value from $60 billion to zero. That set off a domino effect that ensnared other industry players, costing investors billions of dollars. Less than a year ago, Celsius was one of the major players in the cryptocurrency market, with $25 billion in assets under management. It was down to $11.8 billion in May, when major cryptocurrencies’ prices started to fall.Three Arrows Capital, which had invested $200 million in the Luna tokens, also went into a tailspin. Crypto broker Voyager Digital issued a notice of default in June after the crypto hedge fund failed to make payments on a loan worth more than $665 million.
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Crypto Lender Hodlnaut Freezes Withdrawals, Citing Market ConditionsCrypto lender hodlnautdotcom said it's halting withdrawals and withdrew its application for a license in Singapore because of 'recent market conditions.' By OKnightCrypto
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