Hodlnaut Message & Why I have earlier transferred my holdings to a cold wallet

Hi all, today is 8th August 2022, one day before our National day on 9th August 2022. Putting aside the celebrations, a Singapore-based platform that individuals can earn interest on their cryptocurrencies, Hodlnaut had halted withdrawals, token swaps and deposits immediately. They also previously had an in-principle approval (IPA) letter for a Major Payment Institution License in Singapore from the Monetary Authority of Singapore (MAS) under the Payment Services Act (PS Act) which now has been withdrawn. ‍

Amid news of various CeFi halting withdrawals and filing for bankruptcy or liquidated eg. Celsius, Voyager, BlockFi and many more, Hodlnaut has today announced that they are halting withdrawals, token swaps and deposits with immediate effect.

I did write about Hodlnaut in mid 2021, wow, it’s only a year back but it feels like a long time as news and movement in cryptocurrencies are so fast and rapid. I have seen several tweets about Hodlnaut having a huge position in LUNA/UST and they did also offer that on Hodlnaut. The twitter sources that showed their position in LUNA/UST came from Alex Svanevik, CEO of Nansen who is doxxed and Fatman whom have provided data and information on their findings.

Moving my cryptocurrency to Ledger

I did mention before that I have a Ledger as a cold wallet to allow me to transfer assets over if required. I got it in Jan 2021 and with all the recent news, I have transferred all my remaining BTC and ETH, sold all my LUNA into my Ledger nano S.

The whole crypto space has been advocating self-custody the last few months as we see companies like 3AC and certain exchanges face difficulty in returning the clients funds. Transferring the assets over is pretty simple and you just need to make sure you are using the right network and copy the correct address, of course not forgetting your seed phrase and passcode.

Hodlnaut does provide one free withdrawal per month and for me I just went ahead and transferred all my assets over even though I had to pay a fee as I wanted a peace of mind. I believe it is tough for those who had assets in these CeFi lenders and exchanges that have halted withdrawals.Especially so for users with substantial funds in them. It is like bad news cascading from the LUNA/UST crash.

FTX

I do some small DCA on FTX hence I do also hold some ETH and BTC there, but the amount is very small and I will transfer them to my ledger once it grows. There is a huge positive catalyst, the ETH merge coming up although there have been some debate on the move from PoW to PoS for ETH and some are saying there will be hard forks. I am not very well-versed in that and my main portfolio is still in stocks and ETF which I am constantly DCA-ing in. Do take care for all and wishing Singapore a happy 57th birthday!

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