2 years ago
The troubled crypto lender Hodlnaut shared different update aft the institution froze withdrawals connected August 8, and past revealed the institution is seeking judicial absorption successful bid to rehabilitate the startup. The latest update shows that Hodlnaut experienced a shortfall of astir $193 cardinal and this past week the institution has laid disconnected astir 80% of the startup’s workforce.
Crypto Lender Says ‘Financial Circumstances Are a Result of Losses Suffered by Hodlnaut’s Hong Kong Subsidiary During the Terrausd Crash’
It seems that Hodlnaut mislaid adjacent to $200 cardinal and the institution is present looking for assistance and extortion from the Singapore High Court. In a judicial absorption process update published connected August 19, Hodlnaut says the company’s Hong Kong subsidiary suffered from the terrausd (UST) crash. At the time, Hodlnaut claims the terrausd (UST) clang sparked “unusually precocious volumes of withdrawals.”
After the update was published, the whistleblower Fatman explained that the tribunal affidavit that shows the $193 cardinal shortfall besides indicates contradictory statements Hodlnaut published aft the Terra crash. “In a caller filing from Hodlnaut, they admit to [having] had astir of their [assets nether management] successful UST done their HK defi spin-off entity, and they mislaid a whopping $190m successful the Terra crash,” Fatman said. The whistleblower added:
Despite this, they continued to archer customers they had zero Anchor exposure.
Hodlnaut Hopes the Company’s Bitcoin and Ethereum Will Not Get Liquidated, Lender Has Not Secured Any Creditors
Hodlnaut hopes the judicial absorption enactment volition assistance customers the astir and it would “avoid liquidation of Hodlnaut’s holdings of BTC and ETH astatine today’s depressed prices.” If the company’s holdings are liquidated and sold, “this would mean that each users (whether you person deposited BTC, ETH oregon stablecoins) would apt lone get backmost a fraction of what was initially deposited.” The crypto lender continued:
We person heard you and recognize that immoderate of our users urgently request to entree their funds. As such, we are besides exploring the enactment of allowing users to retreat their archetypal deposit, with involvement accrued successful full, astatine a discounted magnitude and adjacent their relationship with Hodlnaut.
The company’s judicial absorption lawsuit volition beryllium heard contiguous by the Singapore tribunal and if the startup’s filing is successful, an interim judicial manager volition beryllium appointed by the court. Following the tribunal process connected Monday, Hodlnaut plans to update the nationalist connected Tuesday, August 23, 2022.
“The [company’s] founders are successful Singapore and moving hard connected the betterment plan,” Hodlnaut’s blog station explains. Additionally, Hodlnaut said the institution had nary vulnerability to the embattled crypto lender Celsius and arsenic acold arsenic securing immoderate creditors, Hodlnaut says the startup does “not person immoderate secured creditors.”
What bash you deliberation astir Hodlnaut’s latest update? Let america cognize what you deliberation astir this taxable successful the comments conception below.
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