The landlocked country officially called the Kingdom of Bhutan is apparently a big crypto investor, as recent complaints filed against the Himalayan kingdom's sovereign fund shed light on its financial status.
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According to a report from Forbes, Bhutan's $2.9 billion investment arm Druk Holding & Investments lost 1,888 BTC used as a collateral for a $30 million loan in the USDC stablecoin. The loan was provided by the now-bankrupt crypto lending giant BlockFi, which served a complaint to Druk over failing to repay the loan in full. BlockFi claims the investment fund still owes the firm $820,000.
However, Druk's CEO, Ujjwal Deep Dahal, said in a commentary to Forbes that the matter with BlockFi "has been settled." It's unclear if Druk repaid the loan.
The troubled crypto firm BlockFi filed for bankruptcy protection in the US in November last year, shortly after its main partner crypto exchange FTX also collapsed. According to bankruptcy filings, the lending giant owes its 50 largest creditors $1.3 billion.
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