Part of the CustodyStress archive of observed Bitcoin custody incidents
CS-01089
Hodlnaut had approximately $500 million in assets under management and had suffered
ConstrainedCase description
On 8 August 2022, Singapore-based crypto lender Hodlnaut froze all withdrawals, token swaps, and deposits, citing 'recent market conditions.' The company simultaneously withdrew its application for a Major Payment Institution licence from the Monetary Authority of Singapore. Hodlnaut had approximately $500 million in assets under management and had suffered significant losses from exposure to the collapsed Terra/UST ecosystem. Customers with Bitcoin and other assets on the platform lost all access.
Custody context
| Stress condition | Vendor lockout |
| Custody system | Exchange custody |
| Outcome | Constrained |
| Documentation | Unknown |
| Year observed | 2022 |
| Country | Singapore |
Structural dependencies observed
What this illustrates
Getting access back required help from an institution — and that help wasn't available. Whether full access was ultimately possible is unclear, but significant delay or outside intervention was involved.
Outcome interpretation
Access remained possible, but only with delay, dependence, or significant difficulty.
Source
Publicly Reported
Evidence type
News article
Related cases involving vendor lockout
This archive documents observed custody survivability failures. It does not attempt to document all Bitcoin losses or security incidents.
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Framework references
Where Bitcoin Custody Intersects Legal and Fiduciary Authority
Where custody creates gaps in estate planning, fiduciary duty, and professional responsibility.
Professional Scope Boundary Matrix
What each professional or product covers, what they do not, and where gaps form between them.
The Independent Assessment Layer in Bitcoin Custody
How independent diagnostic layers emerge when multiple parties depend on shared infrastructure.
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