Crypto Trading Platform Hodlnaut Lost Millions In Terra Crash

October 31, 2022

Hodlnaut, a Singapore-based crypto lender has downplayed its exposure to Terra Collapse and suffered a nearly $190 million loss from the wipeout.

The loss is among the findings of an interim judicial managers’ report seen by Bloomberg News.

This is the first report of its kind since a Singapore court gave Hodlnaut protection in August to present a restructuring plan.

The report said, “It appears that the directors had downplayed the extent of the group’s exposure to Terra/Luna both during the period leading up to and following the Terra/Luna collapse in May 2022”.

In May, the TerraUSD stablecoin and sister token Luna crashed, resulting in the wiping out of approximately $60 billion in value.

Hodlnaut halted its withdrawal in August.

More than 1,000 documents deleted from Hodlnaut's Google workspace may have helped uncover the deal, according to judicial report.