Hodlnaut Becomes Latest Crypto Lender to Halt Withdrawals

Those thinking that the recent turmoil in the cryptocurrency market has abated may need to reassess. Singapore-based crypto lender Hodlnaut became the latest in a string of digital-assets firms to halt withdrawals. The company said Monday that the decision was due to “recent market conditions,” and that it was focusing on preserving assets. Hodlnaut said it couldn’t give a definitive date for when withdrawals would resume, noting, “It will not be a short process.” The firm said it was working on a recovery plan and will provide updates. (The name Hodlnaut plays tribute to the term “hodling,” a now-intentional misspelling of “holding.” The typo was made by a self-described trader in December 2013 on a bitcoin forum, who left it in, and explained it was late and he’d been drinking. Learn more random trivia in our crypto newsletter!) The fall in the value of bitcoin and other cryptocurrencies earlier this summer caused steep losses for some firms. Cryptocurrency lender Celsius Network filed for bankruptcy protection last month, having halted withdrawals in June.

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