Changpeng Zhao comments over Hodlnaut suspending withdrawls

On Monday, Binance CEO Changpeng Zhao takes on Twitter to comment upon the Singapore-based cryptocurrency lender Hodlnaut suspending withdrawals.

He tweeted, “Another one. Unfortunately, won’t be the last one. Use sustainable platforms only.”

Another one. Unfortunately, won't be the last one. Use sustainable platforms only.
https://t.co/VZsMWXcl7L

— CZ 🔶 Binance (@cz_binance) August 8, 2022

 

Hodlnaut, a Singapore-based cryptocurrency lender and borrower, has suspended withdrawals, swaps, and deposits, the company said on Monday, the latest sign of stress in the cryptocurrency industry, CNA reports.

The crypto lender further said it would withdraw its application for a license from the Monetary Authority of Singapore (MAS), providing digital token payment services, for which it received in-principle approval in March.

Hodlnaut claims that the move was because of the recent market conditions and was to concentrate on stabilizing our liquidity and preserving assets.

The company is the latest in a string of crypto players globally to run into difficulties following a sharp sell-off in markets that started in May with the fall of two paired tokens, Luna and TerraUSD.

United States crypto lender Celsius and Singapore-based fund Three Arrows Capital are other high-profile failures. Both of them filed for bankruptcy last month.

According to court filings, Hodlnaut was named as one of Celsius’ institutional clients.

In recent months, Singapore which is a major center for crypto and blockchain in Asia has seen several crypto companies run into difficulties.