The recently published report notes that Hodlnaut downplayed the company’s exposure to the Terra ecosystem.
published at the end of August that said Hodlnaut suffered a significant financial shortfall from the Terra collapse.
Bloomberg’s Suvashree Ghosh and Sidhartha Shukla explain that the judicial report shows the crypto lender “suffered a near $190 million loss from the wipeout.” The newly discovered deleted documents show Hodlnaut executives allegedly downplayed the exposure to Terra. Hodlnaut also“Hodlnaut is NOT all-in on UST as one particular rumour on Reddit has mentioned. This is a false claim,” the crypto lender tweeted during the collapse.
“It appears that the directors had downplayed the extent of the group’s exposure to Terra/Luna both during the period leading up to and following the Terra/Luna collapse in May 2022,” the judicial report discovered by Bloomberg said. “In a letter dated July 21, Hodlnaut’s directors ‘made an about-turn’ about the impact and informed a Singapore police department that digital assets had been converted to [terrausd], according to the report,” Ghosh and Shukla wrote.Much of the latter was lent out on the Anchor Protocol, the report said, a decentralized finance platform developed on the Terra blockchain.
It’s unclear how Singapore, where Hodlnaut is based, will deal with the embattled crypto lender, but regulations in the country have been
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