Crypto Platform Hodlnaut Lost $190 Million From Terra’s Crash
The Singaporean cryptocurrency lending platform – Hodlnaut – reportedly lost approximately $190 million due to its exposure to Terra’s algorithmic stablecoin UST. The latter’s collapse in May has been one of the most notorious crypto events so far this year. Numerous sources revealed that the crash of the native token LUNA and the stablecoin UST caused crucial losses.
The Singaporean entity seems to have been hiding the facts for a while. Bloomberg’s data disclosed that Hodlnaut deleted over 1,000 “key” documents that could have shown the aforementioned exposure. As such, the judicial managers were unable to solve the issues between the company’s Hong Kong subsidiary and Hodlnaut Pte in Singapore. The former supposedly owes $58.3 million. Hodlnaut suspended withdrawals, deposits, and token swaps in August, citing “difficult market conditions.”.
Source
@TradeCryptoNow
