Perhaps the longevity of their stay is the reason, because why now? Not much has changed in two months, so if they hold up that long, there is no reason to close them now, and forcing users not to withdraw their money is another problem.
I don't know, but if conditions improve and users return to deposit normally, I believe that greed is what controls people, and then the platforms have the right to steal money.
Topic: Another one bites the dust: lending platform Hodlnaut - page 2. (Read 437 times)
On this very forum people can find ways to invest. Let's head back to p2p lending and business-doing, crypto'ers!
This is the first time I am hearing about Hodlnaut and I am actually happy about that. Knowing as little as possible about DeFi seems to earn and save more money than knowing where to stake your coins. 
After the Celsius incident. I don’t even want to stake a single penny in DeFi even on Binance savings although some of them have a good reputation.
The thing is, Celsius also had a good reputation. They all have a good reputation when it's all sunshine and rainbows, but as soon as things start going sideways, that's when the ugly truth comes out. What happened to Celsius or Anchor today can happen to Binance Savings or any other similar site tomorrow. 
Hodlnaut's problems began when they offered yields if their customers converted to Luna's UST stablecoin to receive yield. What Hodlnaut did was deposit their users' UST to a protocol which was a ponzi called Anchor where the protocol offered up to 19%. Hodlnaut gives their customers 13% and they keep 6% hehehe.
... and now most have ended up not receiving the 13% and not receiving back even their own money.
And I would not be surprised if Hodlnaut has withdrawn their 6% long ago. Because the whole risk goes to the customers (I'm even surprised they've offered such a big part of the profit to the customers).
So... is anybody still keeping their money on various centralized platforms hoping for pennies?
You still don't see how risky is that?!
I bet there are many more people holding coins on centralized exchanges and similar interest earning platforms thinking - it won't happen to them, they are to big to fall.You still don't see how risky is that?!
Many times this services trick users throwing out decentralized terms, adding swap features and connecting with shitcoin chains BNB and UST, like Hodlnaut did just few months ago.
One thing that I hope from all this services stopping withdrawals and going bankrupt is that it could teach more people about importance of real decentralization.
Hodlnaut's problems began when they offered yields if their customers converted to Luna's UST stablecoin to receive yield. What Hodlnaut did was deposit their users' UST to a protocol which was a ponzi called Anchor where the protocol offered up to 19%. Hodlnaut gives their customers 13% and they keep 6% hehehe.
And if you blindly follow people on the internet then you deserve what you get. Sorry, but that is just the way it is.
How do you think this circus world operates?Almost everyone blindly listens to TV, ''experts'', government clowns, presidential puppets, and other philanthropists, because they all care so much about gen population and their well being, yeah right
It's no better situation in crypto world, I would say it's even worse than in everything else.
What is weird is that the masses are just allergic to having control of their funds. They think their funds are secure when a certain institution or centralized platform is holding it for them.
That's why you still see people falling for Ponzi scams even in 2022 yet there is an easy way of HODLing BTC in one's controlled address.
It's not that weird if you understand that masses don't want to have any responsibility and it's easier for them to always blame someone else for their loses.That's why you still see people falling for Ponzi scams even in 2022 yet there is an easy way of HODLing BTC in one's controlled address.
Person who lost Bitcoin because of his own mistakes, losing seed words, private key or hard drive should only blame himself for this mistake, there is nobody you can sue.
Send Bitcoin to Bob's Interest Earning Factory so he can give you 1% profit, and you can always sue mister Bob and blame him.
I am beginning to look at it the same way that I look at people gambling with some local bookie when you have 'legit' online betting. Or people who go to an illegal underground casino in NJ when they live 30 minutes from Atlantic City
Or more like people who still join Ponzi schemes or all sorts of HYIPs even when you try to convince them that they are scamsOne thing that I hope from all this services stopping withdrawals and going bankrupt is that it could teach more people about importance of real decentralization.
What is weird is that the masses are just allergic to having control of their funds. They think their funds are secure when a certain institution or centralized platform is holding it for them.That's why you still see people falling for Ponzi scams even in 2022 yet there is an easy way of HODLing BTC in one's controlled address.
Real problem are the people, influencers and youtubers who keep promoting services like this, without properly explaining the risks.
And if you blindly follow people on the internet then you deserve what you get. Sorry, but that is just the way it is.
If it's too good to be true then it probably is not is nothing new. Crypto / the internet / etc. did not change that.
People are greedy and lazy and think they know better. Same as the people who buy whatever miracle product that they see on an infomercial at 2AM.
-Dave
-snip-
I will not trust anymore DeFi staking until regulators can give a real solution to protect investors on bullshit bankruptcy exit scheme.
I will not trust anymore DeFi staking until regulators can give a real solution to protect investors on bullshit bankruptcy exit scheme.
In practice, this kind of lending platform is not defi. The smartcontract they built only works according to the commands on their dapps. When they want to control user funds like stopping withdrawals, just disable the button. And also, they eventually slowly built a semi-centralized subservices and made it more prominent with a bigger return offer. Using the "defi" brand is nothing more than bait for users and a way to make regulation less restrictive and demanding consumer protection.
So... is anybody still keeping their money on various centralized platforms hoping for pennies?
You still don't see how risky is that?!
I bet there are many more people holding coins on centralized exchanges and similar interest earning platforms thinking - it won't happen to them, they are to big to fall.You still don't see how risky is that?!
Many times this services trick users throwing out decentralized terms, adding swap features and connecting with shitcoin chains BNB and UST, like Hodlnaut did just few months ago.
One thing that I hope from all this services stopping withdrawals and going bankrupt is that it could teach more people about importance of real decentralization.
Because eveyone thinks that they have fond the next big thing, along with FOMO. So they keep dumping money into things that after they blow up in their face it was kind of obvious what was going to happen.
Real problem are the people, influencers and youtubers who keep promoting services like this, without properly explaining the risks. 
After the Celsius incident. I don’t even want to stake a single penny in DeFi even on Binance savings although some of them have a good reputation. I’m happy already holding Bitcoin and earn slowly everyday when Bitcoin is pumping like what happening on this past few weeks. I consider holding is the new way of passive earning rather than risk my asset sending on different wallet and do the same holding method like what I did on my own. I will not trust anymore DeFi staking until regulators can give a real solution to protect investors on bullshit bankruptcy exit scheme.
Because eveyone thinks that they have fond the next big thing, along with FOMO. So they keep dumping money into things that after they blow up in their face it was kind of obvious what was going to happen.
I am beginning to look at it the same way that I look at people gambling with some local bookie when you have 'legit' online betting. Or people who go to an illegal underground casino in NJ when they live 30 minutes from Atlantic City. People are idiots and scammers will figure out a way to make them want to give them money.
-Dave
I am beginning to look at it the same way that I look at people gambling with some local bookie when you have 'legit' online betting. Or people who go to an illegal underground casino in NJ when they live 30 minutes from Atlantic City. People are idiots and scammers will figure out a way to make them want to give them money.
-Dave
According to The Block:
The official announcement tells:
So... is anybody still keeping their money on various centralized platforms hoping for pennies?
You still don't see how risky is that?!
Crypto lending platform Hodlnaut halts withdrawals and is working on a recovery plan
The official announcement tells:
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.
[~snip~]
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.
[~snip~]
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.
So... is anybody still keeping their money on various centralized platforms hoping for pennies?
You still don't see how risky is that?!
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