Directors Conceal Hodlnaut's Near $190 Million Loss in Terra Ecosystem

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Directors Conceal Hodlnaut's Near $190 Million Loss in Terra Ecosystem

Paraphrased Text: According to a report from judicial managers appointed by the Singapore High Court, the directors of cryptocurrency lender Hodlnaut downplayed the significant financial loss suffered by the company in the Terra ecosystem, amounting to nearly $190 million. The report revealed that Hodlnaut deliberately deleted crucial documents to conceal their exposure, hindering efforts to resolve issues with their Hong Kong subsidiary. In addition, poor record-keeping and restricted access to important information further complicated the investigation. Hodlnaut, along with other companies such as Celsius, Three Arrows Capital, and Voyager, faced severe repercussions due to their involvement with the collapsed Terra ecosystem. Following the loss, Hodlnaut suspended withdrawals and deposits to stabilize its liquidity and later filed for judicial management to prevent asset liquidation.