The Singapore-based crypto lender has lost close to $190 million, as per reports, due to its exposure to Terra’s algorithmic stablecoin UST.
The crypto lender platform had downplayed its exposure to Terra’s stablecoin UST despite the fact that it had suffered a huge loss from the recent wipe-out.
This report has been found by interim judicial managers, according to Bloomberg.
It is one of the first-ever reports since the Singapore court granted Hodlnaut protection from creditors in order to provide them time to chalk up a recovery plan.
The protection was granted in the month of August. Terra’s algorithmic stablecoin UST collapse has been one of the most major and talked about crypto mishaps this year.
There are many reports that have mentioned a lot of crucial losses and that some investors have even been driven to the point of committing suicide.
The reports have also stated that Hodlnaut…
