Algorand Foundation outlines $35M exposure to crypto lender Hodlnaut
The Foundation stated that it is “pursuing all legal remedies to maximize asset recovery.” The Algorand Foundation has revealed a $35 million USDC hole in its balance sheet as a result of exposure to embattled cryptocurrency lending firm Hodlnaut, which has paused withdraws since Aug. 8. Algorand is an institutional-grade blockchain infrastructure with embedded smart contract functionality. The Algorand Foundation is a not-for-profit community organization focused on developing the Algorand ecosystem.The announcement was made on the Algorand Foundation website on Sept. 9, with the....
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The Algorand Foundation has disclosed that it has invested $35 million in USD coin (USDC) in the beleaguered crypto lender Hodlnaut. The cryptocurrency lending firm had paused its withdrawals earlier last month.Algorand is a blockchain infrastructure which has embedded smart contract functionality. The Foundation is a non-profit community organisation that has focused its efforts on […]
Eight days ago, the crypto lender Hodlnaut announced that the platform was suspending withdrawals after citing volatile market conditions. This week the company says it is seeking judicial management that aims to “provide the best chance of recovery.”
Hodlnaut Updates Customers — Crypto Lender Asks Singapore High Court for Judicial Management
The crypto lender Hodlnaut is looking for help from the courts so the platform can “avoid a forced liquidation” of the company’s assets. Last week on August 8, 2022, the crypto startup paused....
According to a report, the embattled crypto lender Hodlnaut saw a significant loss from the Terra blockchain collapse last May. The report notes that Hodlnaut downplayed the company’s exposure to the Terra ecosystem and allegedly lost $190 million from the incident. Report Says Hodlnaut Downplayed Terra Exposure Following the Collapse More than 1,000 deleted documents from the crypto lender Hodlnaut’s Google workspace have shown discrepancies, according to a judicial report discovered by Bloomberg on Oct. 31. The judicial report confirms the court filings published at the....
Hodlnaut, a cryptocurrency lender and borrower based out of Singapore has recently filed an application for judicial management. This shall help the platform restructure its business. A little over a week ago, the crypto platform had suspended its withdrawals, deposits and swaps. It also has frozen user assets on its platform itself. The crypto lender […]
Singapore-based crypto lender Hodlnaut is on the verge of liquidation, according to court filings on November 10. The company, which also operates in Hong Kong, had previously halted withdrawals and sought protection from creditors. However, efforts to save the lender were unsuccessful, leading to the decision to liquidate the company. Hodlnaut Liquidators To Consolidate Creditor […]