Important Message to all Hodlnaut Users
To all users, we regret to inform you that we will be halting withdrawals, token swaps and deposits with immediate effect. We have reached this difficult decision due to recent market conditions.
We understand that this is disappointing news and understand its impact on you. We would like to reassure you that this difficult decision was taken for us to focus on stabilising our liquidity and preserving assets, while we work to find the best way to protect our users’ long-term interests. We sincerely apologise for the inconvenience that this has caused you.
We would also like to inform our users that, as a result of the above reasons, we have since informed the MAS of our intention to withdraw our licence application. Hodlnaut is therefore no longer providing regulated digital payment token (DPT) services, ie our token swap feature. For the avoidance of doubt, Hodlnaut will also cease all borrowing and lending services.
We are actively working on the recovery plan that we hope to provide updates and details on as soon as permissible. We are consulting with Damodara Ong LLC on the feasibility and timelines of our intended execution plan and are strategising our recovery plan with our users’ best interests in mind.
We want to address all user queries as they come in and therefore would like to focus our communication channels to email (email@example.com), Twitter (@hodlnautdotcom) and Hodlnaut Telegram (https://t.me/hodlnaut). All other social media platforms will be turned off to allow us to consolidate our efforts and give accurate information promptly.
Please stay vigilant and note our official communication channels mentioned above. If you are contacted by an account claiming to be associated with Hodlnaut, you may assume it’s not us, as we will not reach out from other channels.
For any enquiries, please email us at firstname.lastname@example.org, and we will respond soon. We seek your patience and understanding if you receive a delayed response. In the meantime, you can refer to our FAQ below. We will continuously add updates to https://www.hodlnaut.com/blog/news alongside regular email updates to our users.
We are immensely grateful to all of our users, past or present, for your continued support over these 3 years. We wish that the situation was different, but we are determined to find the best possible outcome for our users and will keep our valued users informed every step of the way. Our next update will be on Friday, 19 August 2022.
Frequently Asked Questions (FAQ)
- When will withdrawals and token swaps be resumed?
We are unable to provide a definite date as the details have yet to be finalised amongst all our stakeholders, but it will not be a short process. Halting withdrawals and token swaps was a necessary step for us to stabilise our liquidity, and give us the time to work closely with our legal advisors to come up with the best possible restructuring and recovery plan for our users. We will provide details and timelines as soon as we can, and we seek your understanding and patience as we work to reach a solution that will best protect the interests of our users.
- Is there any way I can have my funds returned to me now?
We apologise that we are unable to facilitate any withdrawal of funds at this juncture. We believe that this will provide us with the necessary breathing room to explore potential restructuring options and recovery plans with our legal advisors.
- When will the next update be provided to me, and how do I obtain more information?
Our next update will be on Friday, 19 August 2022. Periodic announcements via email will be provided to users when further updates are available. We will also be updating our Twitter (@hodlnautdotcom), Hodlnaut Telegram (https://t.me/hodlnaut) and our blog (https://www.hodlnaut.com/blog/news) for further updates.
- Will I be able to access my account?
Yes, you will still be able to log into and access your account to view your balances.
- Will I be able to export my transaction history and interest statements?
Yes, you can still export your transaction history and interest statements.
- Am I still earning interest on my funds?
Yes, Hodlnaut will continue to pay out interest earned according to these rates every Monday until further notice. This is so that Hodlnaut can balance the need to be fair to users and minimise our liabilities.
- Will I be able to make deposits into my Hodlnaut account?
Kindly refrain from making any new deposits after 8 August 2022 6PM (GMT+8). Such deposits will not be credited to your Hodlnaut account balance.
- Will I be able to make internal transfers between Hodlnaut accounts?
No, unfortunately we have disabled this feature as we work to stabilise our liquidity and preserve our asset positions.
- What happens to my funds currently locked in fixed-term deposits?
Your funds will be released back into the open term account automatically upon maturity, and interest for your fixed term deposit will be paid at the initially agreed interest rate. Thereafter, the balance of your matured fixed term deposit will earn interest at the prevailing rates that are applied to the open term account.
- What happens to my preferred interest payout settings?
All preferred interest payout settings will be reset. In other words, your interest will be paid in-kind moving forward.
- How can I reach Hodlnaut? This FAQ did not answer my questions.
You can reach out to us via email at email@example.com. We expect a high volume of enquiries and our team will do our best to respond as soon as possible.
- Do you have a contact number? I would like to speak to someone instead of emailing you.
Unfortunately we only accept enquiries via email at this point as we expect a high volume of enquiries. We apologise for the inconvenience and we would appreciate it if you could reach out to us via email at firstname.lastname@example.org.
Disclaimer: This article is for informational purposes only, and is not an offer nor a solicitation to invest in DPT, securities, funds, partnership interests or other investments or funding or purchasing loans. It is the user's sole responsibility to conduct due diligence and research extensively into each DPT and platform, and understand that the volatility and unpredictability of the price of DPT may result in significant loss over a short period of time. No information on Hodlnaut should be considered to be business, legal, financial or tax advice regarding the use of Hodlnaut. Users should consult their own legal, financial, tax or other professional advisors before using Hodlnaut.