{"id":66128,"date":"2022-08-22T12:23:33","date_gmt":"2022-08-22T09:23:33","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=66128"},"modified":"2025-09-06T23:44:11","modified_gmt":"2025-09-06T20:44:11","slug":"hodlnaut-reports-a-193-million-hole-in-its-balance-sheet","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/hodlnaut-reports-a-193-million-hole-in-its-balance-sheet\/","title":{"rendered":"Hodlnaut reports a $193 million hole in its balance sheet"},"content":{"rendered":"<p>The capital shortfall of the crypto-lending platform Hodlnaut as of August 8, 2022 stood at $193 million. This follows from bankruptcy court documents in Singapore, The Block reports.<\/p>\n<p>As of the reporting date, the company&#8217;s liabilities were valued at 391 million <span data-descr=\\\"Singaporean dollars\\\" class=\\\"old_tooltip\\\">SGD<\/span> (~$281 million), assets at 122 million SGD (~$88 million). In other words, Hodlnaut could recover only 31 cents per dollar of debt.<\/p>\n<p>The company&#8217;s creditors number 17,513 individuals. At its peak in May, the firm\u2019s assets under management <span data-descr=\\\"assets under management\\\" class=\\\"old_tooltip\\\">AUM<\/span> reached $750 million.<\/p>\n<p>The platform converted $317 million into TerraUSD (UST) to chase higher yields via the Anchor protocol, which led to a loss of $189.7 million.<\/p>\n<blockquote class=\\\"twitter-tweet\\\">\n<p lang=\\\"en\\\" dir=\\\"ltr\\\">In a new filing from Hodlnaut, they admit to have had most of their AUM in UST through their HK DeFi spin-off entity, and they lost a whopping $190m in the Terra crash. Despite this, they continued to tell customers they had zero Anchor exposure. Send JT and CT to prison. <a href=\\\"https:\/\/t.co\/6knPSgrV8r\\\">https:\/\/t.co\/6knPSgrV8r<\/a> <a href=\\\"https:\/\/t.co\/e3wt7VgfY8\\\">pic.twitter.com\/e3wt7VgfY8<\/a><\/p>\n<p>\u2014 FatMan (@FatManTerra) <a href=\\\"https:\/\/twitter.com\/FatManTerra\/status\/1560553570814070784?ref_src=twsrc%5Etfw\\\">August 19, 2022<\/a><\/p><\/blockquote>\n<p> <script async src=\\\"https:\/\/platform.twitter.com\/widgets.js\\\" charset=\\\"utf-8\\\"><\/script>\\n\\n\\n\\n<\/p>\n<p>From July 14 to 15, Hodlnaut faced a bigger-than-usual outflow of customer funds totaling $150 million. The platform&#8217;s reserves in Bitcoin and Ethereum were negatively revalued amid a deteriorating market backdrop.<\/p>\n<p>\\n\\n\\n\\n<\/p>\n<p>The company is considering a &#8216;limited withdrawal&#8217; option for users who agree to a 25-cent recovery for every dollar of liabilities. FTX, in particular, proposed such an option.<\/p>\n<p>\\n\\n\\n\\n<\/p>\n<blockquote class=\\\\\\\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\\\\\\\">\n<p><em>\\&#8221;This is likely to be the best option rather than liquidation. The latter would take longer and could lead to a smaller return for funds, given the fees necessary for the procedure and the current asset-to-liability ratio\\&#8221;,<\/em> according to the document.<\/p>\n<\/blockquote>\n<p>\\n\\n\\n\\n<\/p>\n<p>Hodlnaut intends to undergo a restructuring and return to profitability, taking into account a positive operating history since its founding in 2019 up to the Terra collapse.<\/p>\n<p>\\n\\n\\n\\n\\n\\n\\n<\/p>\n<p>On August 8 the platform <a href=\\\"https:\/\/www.hodlnaut.com\/press\/hodlnaut-message-to-our-users\\\">halted withdrawals<\/a>, swaps and token deposits.<\/p>\n<p>\\n\\n\\n\\n<\/p>\n<p>On August 16 Hodlnaut<a href=\\\"https:\/\/forklog.news\/hodlnaut-obratilas-v-sud-singapura-dlya-zashhity-ot-kreditorov\/\\\"> filed for protection in court<\/a> from creditors.<\/p>\n<p>\\n\\n\\n\\n<\/p>\n<p>Earlier, other Singapore-based firms \u2014<a href=\\\"https:\/\/forklog.news\/vauld-dobilas-vremennoj-zashhity-ot-kreditorov\/\\\"> Vauld<\/a> and<a href=\\\"https:\/\/forklog.news\/bitkoin-birzha-zipmex-obratilas-v-sud-dlya-zashhity-ot-kreditorov\/\\\"> Zipmex<\/a>.<\/p>\n<p>\\n\\n\\n\\n<\/p>\n<p> Read ForkLog&#8217;s bitcoin news in our <a href=\\\\\\\"\/\/telegram.me\/forklog\u201d\\\\\\\" target=\\\\\\\"\u201c_blank\u201d\\\\\\\" rel=\\\\\\\"\u201cnofollow\u201d noopener\\\\\\\">Telegram<\/a> \u2014 cryptocurrency news, prices and analytics.<\/p>\n<p>\\n<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The capital shortfall of the Hodlnaut crypto-lending platform as of August 8, 2022 stood at $193 million. This follows from bankruptcy court documents in Singapore, The Block reports.<\/p>\n","protected":false},"author":1,"featured_media":66129,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[83,1162,2324],"class_list":["post-66128","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-business","tag-court-cases","tag-hodlnaut"],"aioseo_notices":[],"amp_enabled":true,"views":"36","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/66128","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=66128"}],"version-history":[{"count":1,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/66128\/revisions"}],"predecessor-version":[{"id":66130,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/66128\/revisions\/66130"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/66129"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=66128"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=66128"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=66128"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}