{"id":69386,"date":"2022-11-01T13:26:36","date_gmt":"2022-11-01T11:26:36","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=69386"},"modified":"2025-09-07T19:42:47","modified_gmt":"2025-09-07T16:42:47","slug":"hodlnaut-losses-from-terra-collapse-estimated-at-190-million","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/hodlnaut-losses-from-terra-collapse-estimated-at-190-million\/","title":{"rendered":"Hodlnaut losses from Terra collapse estimated at $190 million"},"content":{"rendered":"<p>The losses of the crypto-lending platform Hodlnaut as a result of the Terra ecosystem collapse amounted to about $190 million. This follows from a Singapore bankruptcy court filing, according to <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-10-31\/crypto-lender-hodlnaut-lost-nearly-190-million-in-terrausd-drop\">Bloomberg<\/a>.<\/p>\n<p>The document states that the firm did not disclose the true scale of the risks associated with its UST exposure, both before and after the events.<\/p>\n<p>In a letter dated July 21, management changed its position, informing Singapore&#8217;s authorities about investments in an algorithmic stablecoin that were deployed in the Anchor protocol.<\/p>\n<p>The court&#8217;s report says that management deleted more than 1,000 documents in Google Workspace that could help restore the full picture of what happened.<\/p>\n<p>Trustees did not have access to &#8220;key documents&#8221; that relate to the nature of the debt of the Hong Kong unit in the amount of 82.43 million <span data-descr=\"Singapore dollars\" class=\"old_tooltip\">SGD<\/span> (~$58.3 million) to the parent entity.<\/p>\n<p>It was through this business unit that investments in DeFi protocols were made.<\/p>\n<p>The document states that before<a href=\"https:\/\/forklog.com\/en\/news\/hodlnaut-crypto-lending-platform-halts-withdrawals\"> the suspension<\/a> of platform operations on 8 August 2022, some of its staff withdrew about 776,300 SGD (~$549,000).<\/p>\n<p>In August, Hodlnaut<a href=\"https:\/\/forklog.com\/en\/news\/hodlnaut-seeks-court-protection-in-singapore-from-creditors\"> requested<\/a> judicial management in Singapore to stabilise its finances. The petition was subsequently granted.<\/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>In September it emerged that Hodlnaut<a href=\"https:\/\/forklog.com\/en\/news\/hodlnaut-owes-algorand-foundation-35-million-foundation-says\"> owed the Algorand Foundation $35 million<\/a>.<\/p>\n<p>Follow ForkLog&#8217;s Bitcoin news on our <a href=\"\/\/telegram.me\/forklog\u201d\" target=\"\u201c_blank\u201d\" rel=\"\u201cnofollow\u201d noopener\">Telegram<\/a> \u2014 cryptocurrency news, prices and analysis.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Hodlnaut&#8217;s losses from the Terra collapse amounted to about $190 million, according to a Singapore bankruptcy court filing cited by Bloomberg.<\/p>\n","protected":false},"author":1,"featured_media":69387,"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":[1162,2324,852],"class_list":["post-69386","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-court-cases","tag-hodlnaut","tag-terra"],"aioseo_notices":[],"amp_enabled":true,"views":"23","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/69386","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=69386"}],"version-history":[{"count":1,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/69386\/revisions"}],"predecessor-version":[{"id":69388,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/69386\/revisions\/69388"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/69387"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=69386"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=69386"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=69386"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}