Crypto-lending platform Hodlnaut has announced a freeze on withdrawals and deposits as well as digital token swaps, citing tough market conditions amid a host of similar mishaps.

According to the official announcement, informed The “Hodlnaut” platform, the Monetary Authority of Singapore (MAS), intends to withdraw the license application in the country.
The statement included the following:

Hodlnaut no longer offers DPT services, and digital token swaps have been discontinued.

For the avoidance of doubt, Hodlnaut will also cease to provide all borrowing and lending services.

Founded in 2019, Hodlenaut joined a list of other lenders such as Babel and Vauld who also announced account freezes.

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Celsius Network and Voyager Digital have also declared bankruptcy.

The platform told the platform that it is actively working on the recovery plan and is currently consulting with “Damodara Ong LLC” on the feasibility and timelines for the intended implementation plan announced above.

Hodlnaut also indicated that it will shut down all of its social media accounts except for the official Twitter and Telegram channels.

Additionally, the company founder told via Twitter that the company will present the next update on August 19.

It can be said that Terra UST and its collapse were a domino effect for many crypto lenders.

It is worth noting that “Hodlnaut” did not mention that Terra was the reason for the platform’s inability and announced the discontinuation of its operations.

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