{"id":14234,"date":"2022-10-31T22:31:36","date_gmt":"2022-10-31T22:31:36","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/deleted-files-indicate-crypto-lender-hodlnauts-execs-gave-little-weight-to-terra-luna-exposure-bitcoin-news\/"},"modified":"2022-10-31T22:31:36","modified_gmt":"2022-10-31T22:31:36","slug":"deleted-files-indicate-crypto-lender-hodlnauts-execs-gave-little-weight-to-terra-luna-exposure-bitcoin-news","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/deleted-files-indicate-crypto-lender-hodlnauts-execs-gave-little-weight-to-terra-luna-exposure-bitcoin-news\/","title":{"rendered":"Deleted Files Indicate Crypto Lender Hodlnaut’s Execs Gave Little Weight to Terra Luna Exposure \u2013 Bitcoin News"},"content":{"rendered":"

(Originally posted on : Bitcoin News )<\/b>
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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\u2019s exposure to the Terra ecosystem and allegedly lost $190 million from the incident. <\/strong><\/p>\n

Report Says Hodlnaut Downplayed Terra Exposure Following the Collapse<\/h2>\n

More than 1,000 deleted documents from the crypto lender Hodlnaut\u2019s Google workspace have shown discrepancies, according to a judicial report discovered<\/a> by Bloomberg on Oct. 31. The judicial report confirms the court filings<\/a> published at the end of August that said Hodlnaut suffered a significant financial shortfall from the Terra collapse.<\/p>\n

Bloomberg\u2019s Suvashree Ghosh and Sidhartha Shukla explain that the judicial report shows the crypto lender \u201csuffered a near $190 million loss from the wipeout.\u201d The newly discovered deleted documents show Hodlnaut executives allegedly downplayed the exposure to Terra. Hodlnaut also tweeted<\/a> on May 11 that it was not all-in on the now-depegged stablecoin terrausd (UST).<\/p>\n

\u201cHodlnaut is NOT all-in on UST as one particular rumour on Reddit has mentioned. This is a false claim,\u201d the crypto lender tweeted during the collapse. \u201cYields on USDC\/USDT<\/a>\/DAI are generated in-kind and paid by our loans to institutions and a small amount to defi protocols like Compound Finance,\u201d Hodlnaut insisted.<\/p>\n

\u201cIt appears that the directors had downplayed the extent of the group\u2019s exposure to Terra\/Luna both during the period leading up to and following the Terra\/Luna collapse in May 2022,\u201d the judicial report discovered by Bloomberg said.<\/p>\n

\u201cIn a letter dated July 21, Hodlnaut\u2019s directors \u2018made an about-turn\u2019 about the impact and informed a Singapore police department that digital assets had been converted to [terrausd], according to the report,\u201d Ghosh and Shukla wrote.<\/p>\n

The report continues:<\/p>\n

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Much of the latter was lent out on the Anchor Protocol, the report said, a decentralized finance platform developed on the Terra blockchain.<\/p>\n<\/blockquote>\n

It\u2019s unclear how Singapore, where Hodlnaut is based, will deal with the embattled crypto lender, but regulations in the country have been ramping up<\/a>. For instance, this month, Singapore police said<\/a> they received 631 crypto scam reports in 2021.<\/p>\n

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$190 million<\/a>, $190M<\/a>, Anchor<\/a>, BTC<\/a>, Celsius<\/a>, Court<\/a>, creditors<\/a>, Crypto lender<\/a>, Deleted Documents<\/a>, ETH<\/a>, Fatman<\/a>, Freeze Withdrawals<\/a>, Hodlnaut<\/a>, Hodlnaut Execs<\/a>, Hodlnaut Executives<\/a>, judicial management<\/a>, Singapore Court<\/a>, Stablecoins<\/a>, Terra collapse<\/a>, terrausd (UST) crash<\/a>, UST<\/a>, Withdrawals<\/a><\/div>\n<\/div>\n

What do you think about the latest judicial report that says Hodlnaut downplayed the company\u2019s exposure to the Terra collapse? Let us know what you think about this subject in the comments section below. <\/strong><\/em><\/p>\n

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\nJamie Redman <\/h6>\n

\nJamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News about the disruptive protocols emerging today.

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Image Credits<\/b>: Shutterstock, Pixabay, Wiki Commons<\/em><\/p>\n

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Disclaimer<\/strong>: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com<\/a> does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.<\/p>\n<\/div>\n

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