{"id":66971,"date":"2022-09-11T15:00:10","date_gmt":"2022-09-11T12:00:10","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=66971"},"modified":"2025-09-07T04:09:59","modified_gmt":"2025-09-07T01:09:59","slug":"hodlnaut-owes-algorand-foundation-35-million-foundation-says","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/hodlnaut-owes-algorand-foundation-35-million-foundation-says\/","title":{"rendered":"Hodlnaut owes Algorand Foundation $35 million, Foundation says"},"content":{"rendered":"<p>The Hodlnaut crypto-lending platform owes Algorand Foundation $35 million in USD Coin (USDC). In a nonprofit organization <a href=\"https:\/\/www.algorand.foundation\/news\/algorand-foundation-exposure-to-hodlnaut\">\u0437\u0430\u044f\u0432\u0438\u043b\u0438<\/a> that it would use \u201call available legal remedies\u201d to recover the assets.<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>\u201cAs part of carrying out the organization\u2019s mandate, we sometimes invest a portion of our excess capital to generate profits to fund the development of the Algorand ecosystem,\u201d the statement said.<\/p>\n<\/blockquote>\n<p>The organization noted that Hodlnaut&#8217;s debt accounts for less than 3% of the Algorand Foundation&#8217;s total assets. According to the statement, the situation does not pose operational risks and will not give rise to \u201cliquidity problems.\u201d<\/p>\n<p>Most of the debt is tied to short-term deposits. The platform lost access to them when on August 8, 2022 the lending platform <a href=\"https:\/\/forklog.com\/en\/news\/hodlnaut-crypto-lending-platform-halts-withdrawals\">halted<\/a> withdrawals and token operations.<\/p>\n<p>On August 13, the company <a href=\"https:\/\/forklog.com\/en\/news\/hodlnaut-seeks-court-protection-in-singapore-from-creditors\">applied<\/a> for judicial management in Singapore to stabilise its financial position. The move was described as an effort to avoid forced liquidation of users&#8217; assets in Bitcoin and Ethereum.<\/p>\n<p>The platform also <a href=\"https:\/\/forklog.com\/en\/news\/hodlnaut-lays-off-80-of-staff-to-trim-costs\">fired<\/a> 80% of its staff to cut costs.<\/p>\n<p>Earlier in the same month Hodlnaut <a href=\"https:\/\/forklog.com\/en\/news\/hodlnaut-reports-a-193-million-hole-in-its-balance-sheet\">\u0441\u043e\u043e\u0431\u0449\u0438\u043b\u0430<\/a> about a $193 million balance-sheet hole. The firm had placed client funds in the Terra ecosystem&#8217;s Anchor protocol. After the collapse of the latter, it incurred losses of $189.7 million.<\/p>\n<p>Follow ForkLog&#8217;s Bitcoin news on our <a href=\"\/\/telegram.me\/forklog\" target=\"\u201c_blank\u201d\" rel=\"\u201cnofollow\u201d noopener\">Telegram<\/a> \u2014 cryptocurrency news, prices and analysis.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Hodlnaut crypto-lending platform owes Algorand Foundation $35 million in USD Coin (USDC). The nonprofit organization said it would use \u201call available legal remedies\u201d to recover the assets.<\/p>\n","protected":false},"author":1,"featured_media":66972,"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":[1329,2324,1097],"class_list":["post-66971","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-algorand-algo","tag-hodlnaut","tag-lending"],"aioseo_notices":[],"amp_enabled":true,"views":"19","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/66971","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=66971"}],"version-history":[{"count":1,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/66971\/revisions"}],"predecessor-version":[{"id":66973,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/66971\/revisions\/66973"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/66972"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=66971"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=66971"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=66971"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}