The Hodlnaut crypto platform halted their users ability to withdraw funds today “due to recent market conditions.” In their FAQ the company says that this will not be a short process, and they promise another update on Friday, 19 August 2022.
Some of us might have opened an account for the referral bonus, deposit bonus, of for their high-yield payout on stablecoins. Hopefully the funds eventually get returned.
Hodlnaut is the latest in a string of blows to the crypto industry after the collapse of TerraUSD. The Voyager app also halted withdrawals last month.
View Comments (102)
Hodlnaut paid out interest today — Interest that nobody can access. Kind of an empty gesture. Meanwhile, the people with significant amounts of funds there still don’t know what is going on and continue to lose sleep. Could honestly run the gamut from a total rug pull to just a liquidity problem.
Coinbase just reported a loss of $1B in Q2.
yea it also did a 100% off the bottom 2 wks ago
The bottom? You have a crystal ball? What’s next month’s powerball number? Lol.
it went from $53(when arkk sold off position) to around $110 to whatever it is now. no crystal ball needed, look at the 30d chart. you can bet against blackrock tho if u want to.
You’re the same people that said $200 was the bottom. Going to $30 in a few more quarters.
Cash must be their short crop.
another one bites the dust
And another one gone and another one gone
Another one bites the dust
Hey I'm gonna get you too
Another one bites the dust
If you want to make money from crypto short-term, get your bonuses/gains and go.
If you actually use the ecosystem, then don't keep your money on centralized exchanges. Use hot/cold wallets like everyone else.
It's simple.
a technology that goes against convenience is useless...it is convenient to put crypto in a centralized exchange and that is also why it fails it's intended purpose and that is why crypto is useless. ty for coming to my ted talk
People weren't storing their money in Hodlnaut for convenience, they were doing it to earn high yield by making risky loans.
Or some people initially deposited just to get a signup bonus; G's point is if you do that, then withdraw your money once you get the bonus. But people probably decided to leave their money there to get the high yield. The same thing would happen if the currency being deposited was something else like US dollars.
dont try teaching DoC ppl anything. they view risky exchanges like their fdic and cant adapt. save your breath.
Cold wallets cost money though, so not that simple.
Most cold wallets are less than $100. It's peanuts for most crypto investors.
Yeah. For anyone with $500 of crypto, hot wallets are free and plentiful. For anyone with $50,000 of crypto, they'll gladly pay $100 to safely store it cold.
Seriously. Don't hold your coins/tokens in centralized exchanges.
If the exchange goes belly-up, you own nothing.
hodlnaut is a relatively small platform, per their website $250 million aum and "10000+ active users", if the hole in their balance sheet is not that large then would not be surprised to see them bailed/bought out by another platform. depends how bad they screwed up, but considering that they have remained operating this long after the ust incident it probably is not too bad. could be wrong, but If they go bankrupt, then I doubt people will lose everything. also, per their website, they are also continuing to allow funds on the platform to accrue interest while figuring things out.
"...they are also continuing to allow funds on the platform to accrue interest while figuring things out..."
So did Celsius, then Chapter 11, oh well.
These are not banks, rather you are unsecured creditor of a random company, there are no regulations that other banks must take over deposits. Why on Earth would they? No one in their right mind assumes debt of a bankrupt company.
Every crypto shill was so happy of not having regulations, now please enjoy those no regulations.
of course they aren't banks.. pretty irrelevant, but actually many companies are clamoring to take over these failed crypto lending platforms now
who claimed that they were banks? of course you are a creditor, it is a lending/borrow platform. if they developed a hole in the balance sheet then it makes sense for them to halt withdrawals. several of these platforms recently have had bailouts or buyouts from other companies in the industry.
While I hope that's the case for customers it's not a good sign when they go dark on social media. Subreddit is private and as far as I know discord isn't available.
maybe they saw an opportunity to turn and burn while blaming "market conditions"
Have you seen these missing persons? lol
https://web.archive.org/web/20211204060957/https://www.hodlnaut.com/our-team
agree, their posting on their website was handled correctly, but going silent on social media raises eye bows. mixed optics.
I just came here to virtue signal how crypto is evil and anyone who disagrees with me must also be evil ok bye
No, no. Some of them are just suckers.
EVERYTHING IS FINE
Never touched any of them for good reason - well, maybe PayPal when they had that bonus a while back but I only held BTC for a day. Certainly would not trust any organization not at least marginally tied to a regulated company.
hodl till you have naut
At least two other people have made this joke already. Got any others?
Hodl the naut
Hodl nut