A chasm that knows no end – Whereas Do Kwon is still on the loosethe catastrophe Terra keeps bleeding some crypto players. The crypto lending platform Hodlnautbased in Singapore, must pay the broken pots, with a hefty bill of several million dollars.
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Hodlnaut Singapore and Hong Kong: losses, debts and suspicions
According to an interim report by forensic managers seen by Bloomberg News, the Hong Kong branch of the crypto lending platform Hodlnaut would have suffered a loss close to 190 million dollars because of its exposure to Terra ecosystem tokens.
According to the report, administrators would have “minimized” their exposure to these tokens, both during the period leading up to their collapse last May and after this crash.
The company attempted to dump its holdings of TerraUSD (UST) when the stablecoin was losing parity with the dollar. However, the disaster did not spare the finances of the company, which must now find a way to fill this financial gap of approximately 190 million dollars.
Hodlnaut is based in Singapore, but also operates from Hong Kong. The mode of management of this Hong Kong branch, which must also approximately 58.3 million dollars at Hodlnaut Pte in Singapore, asking questions.
The report refers to the suppression de 1 000 documents of Hodlnaut’s Google workspace. Judicial officials were unable to access many “key documents” which could have explained certain essential points on the Hong Kong branch.
However, suspicious transactions were also carried out within Hodlnaut Singapore as the report highlights the withdrawal of S$776,292 between July and suspension of withdrawals for customers in August.
Hodlnaut had declared a deficit of $193 million, when she had asked for legal protection to avoid a liquidation of the company in August. The losses are quantified. It is up to the company to find the right strategies to rectify the situation.
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