In a statement on Monday the company announced that it was “halting withdrawals, token swaps and deposits with immediate effect” due to “recent market conditions”. The company also said it had withdrawn its license application with Singapore’s central bank.
“We are actively working on the recovery plan that we hope to provide updates and details on as soon as permissible,” Hodlnaut said.
Launched in 2019, the company allowed investors to earn interest on their crypto by lending out their tokens. It is one of several cryptocurrency lenders to have suffered from the recent rout in digital asset prices which has wiped around $2 trillion from the sector.
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