Crypto Lender Hodlnaut Lost Nearly $190 Million in TerraUSD Drop
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Embattled cryptocurrency lender Hodlnaut downplayed its exposure to the collapsed digital-token ecosystem.
Embattled cryptocurrency lender Hodlnaut downplayed its exposure to the collapsed digital-token ecosystem created by fugitive Do Kwon yet suffered a near $190 million loss from the wipeout. The loss is among the findings of an interim judicial managers' report seen by Bloomberg News. It is the first such report since a Singapore court in August granted Hodlnaut protection from creditors to come up with a recovery plan. “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 report said. Kwon's TerraUSD algorithmic stablecoin and sister ...