Every Monday at 5pm, Hodlnaut will send a weekly interest payout statement to my email. It did so this week - along with an announcement.
As you can infer from the title, Hodlnaut just announced that it would be following in the footsteps of Celsius, Voyager and Vauld (okay, it didn’t say that but you get my point) and would be halting all withdrawals and token swaps with immediate effect.
‘Disappointing news’ is such a misnomer. I think I would have respected the team more if they had called a spade a spade and written ‘devastating news’ instead.
What really surprised me more was how Hodlnaut closed down its Discord channel. Notice how it is now conspicuously absent from my Discord.
Its Telegram channel is still functional. There is a pinned announcement that states how the management decided to close some of their social media platforms and that we can await their next update on 19 August (Friday).
Needless to say, users are reeling in shock and fuming and calling out for blood. I feel more foolish than shocked actually. Hodlnaut has successfully gained a provisional license from the Monetary Authority of Singapore previously, so I naively thought that this would make it safer than other platforms.
Still, I was conscientious enough to withdraw part of my profits every month - definitely utilised the free monthly withdrawal. I was also mindful to be prepared to lose it all, should the unthinkable happen. Now that the unthinkable has descended upon me, I still feel calm enough to type this out.
This episode just reminded me about how I need to arm myself with a cold wallet should I have the means to invest my own money in the crypto space!
Stay safe, my comrades!