Hodlnaut Lost Almost $190M Over Terra Crash: Report
Main page News, Crypto Market, Singapore, Regulations, Terra

Troubled Singaporean cryptocurrency lending firm Hodlnaut suffered a $190 million loss due to the Terra crash, Bloomberg reports, citing findings of an interim judicial managers' report.

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The judicial managers noted in the report that Hodlnaut's top management apparently had "downplayed the extent of the group's exposure" to the Terra crash not only during the period leading up to the crash, but also after it.

The report also revealed that over 1,000 documents that could have helped shed light on the business have been deleted from Hodlnaut's Google workspace.

Crypto Lending Platform Hodlnaut Owes $35M to Algorand Foundation

The judicial managers added they were unable to get access to several "key documents" regarding Hodlnaut's Hong Kong arm, which owes over $58.3 million to Hodlnaut Pte in Singapore.

Moreover, the report states that over $543,292 have been withdrawn by Hodlnaut's employees between July and when the platform suspended withdrawals in August. As of press time, Hodlnaut made no official statements regarding the matter.

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