VRB News
Virtual Reality Brisbane
  • Home
  • About us
  • IT news
  • Tech
  • World
  • Contact
No Result
View All Result
  • Home
  • About us
  • IT news
  • Tech
  • World
  • Contact
No Result
View All Result
No Result
View All Result
Home IT news

The domino effect continues – savings platform Hodlnaut stops withdrawals

admin by admin
August 10, 2022
in IT news
0
The domino effect continues – savings platform Hodlnaut stops withdrawals
0
SHARES
10
VIEWS
Share on FacebookShare on Twitter

Singapore-based crypto savings platform Hodlnaut is the next domino to fall victim to the ongoing crisis. At least the platform has now also stopped all withdrawals and deposits due to the threat of insolvency.

As can be seen from an official announcement today, August 8, Hodlnaut points to the critical market situation as the driving force for this step. According to its own information, the company is already working on a recovery plan.

Dear users, we regret to inform you that we will be holding withdrawals, token swaps and deposits immediately due to recent market conditions. We have also withdrawn our MAS licence application. Here is our full statement https://t.co/5KfHUBzWsn Our next update will be on 19 Aug.

– Hodlnaut (@hodlnautdotcom) August 8, 2022

Due to these circumstances, the company is also withdrawing its requested approval from the Financial Services Authority of Singapore (MAS), which is why token swaps are also no longer possible.

The official announcement states:

“We are already working on a recovery plan and hope that we can give an update as soon as possible. […] First of all, we consult with our partners about the feasibility and the course of our plan, whereby we act in the best interests of our customers.“

In the course of this, the platform is now also temporarily suspending all its activities on social media, only Twitter and Telegram will continue to communicate.

The domino effect in the crypto industry began with the infamous collapse of the blockchain project Terra (LUNA), which was followed by the bankruptcy of the influential crypto hedge fund Three Arrows Capital (3AC). Subsequently, several important dominoes – which had connections to at least one of the two – have faltered and fallen, including big names such as Voyager Digital, Celsius and Blockchain.com .

Although Hodlnaut had no connections to 3AC, some users are now angry that the company was not fully transparent about the investments in the failed Terra stablecoin UST. The crypto influencer Fatman had already pointed out in June that the savings platform had been caught cold by the collapse of the UST on the one hand, but on the other hand had played with the fire for far too long to be able to talk freely of any guilt.

They sold some UST as low as $0.40, had huge, risky shorts on exchanges in the best case scenario, and in a hilarious move of brave defiance, they even re-entered Anchor after the collapse (small size). https://t.co/yfbTET4U4n (15/25)

– FatMan (@FatManTerra) June 26, 2022

Hodlnaut Managing Director Juntao Zhu denies that his company was ever invested in the VAT, but cannot provide any evidence for this claim.

For the crypto community, the withdrawal stop of the savings platform is the next logical consequence of the cascade on the crypto market and at the same time another warning example why investors should not store their funds on centralized platforms.

Another one bites the dust. Now that many of the largest players have gone under, which ones are next? If you still have assets with third parties, you should withdraw them to your own wallet ASAP. Not your keys, not your crypto. https://t.co/mY85yBhNbg

– Soldman Gachs ⌐◨-◨ (@DrSoldmanGachs) August 8, 2022

Previous Post

Gear VR available for pre-purchase in the US, mobile SDK available

Next Post

Bitcoin is praised by the head of the Brazilian Central Bank for its characteristics

admin

admin

Related Posts

ChatGPT gets paid version with subscription model
IT news

ChatGPT gets paid version with subscription model

February 2, 2023
When is the HOT SALE 2023 in Mexico?
IT news

When is the HOT SALE 2023 in Mexico?

January 31, 2023
Dedicated Servers
IT news

The advantages of dedicated servers: cost, performance, security

January 27, 2023
Different types of proxies and their benefits for online security
IT news

Different types of proxies and their benefits for online security

January 27, 2023
Image technology: DHL warns against fake SMS – you need to know that fake SMS with supposed address queries from DHL are circulating at the moment. Sometimes the messages seem very authentic. That’s what’s behind it. More…
IT news

Image technology: DHL warns against fake SMS – you need to know that fake SMS with supposed address queries from DHL are circulating at the moment. Sometimes the messages seem very authentic. That’s what’s behind it. More…

January 25, 2023
Next Post
Bitcoin is praised by the head of the Brazilian Central Bank for its characteristics

Bitcoin is praised by the head of the Brazilian Central Bank for its characteristics

Premium Content

Mounting the towbar makes it all faster and easier

Mounting the towbar makes it all faster and easier

December 4, 2021
5G+VR will help to be in the thick of things

5G+VR will help to be in the thick of things

November 25, 2020
New Humble Bundle VR: $15 for 7 vr gaming

New Humble Bundle VR: $15 for 7 vr gaming

August 19, 2020

Browse by Category

  • Games
  • IT news
  • Tech
  • World

VRB News is ready to cooperate with webmasters and content creators. Send an email to info@virtualrealitybrisbane.com

Categories

  • Games
  • IT news
  • Tech
  • World

Recent Posts

  • ChatGPT gets paid version with subscription model
  • When is the HOT SALE 2023 in Mexico?
  • The advantages of dedicated servers: cost, performance, security

© 2021 - The project has been developed ServReality

No Result
View All Result
  • Home
  • About us
  • IT news
  • Tech
  • World
  • Contact

© 2021 - The project has been developed ServReality

Are you sure want to unlock this post?
Unlock left : 0
Are you sure want to cancel subscription?