Hodlnaut lost $190 million over the Terra fiasco

Bloomberg, citing a Singapore litigation report, said the Hodlnaut site lost $190 million amid the Terra collapse.

In a statement dated 07/21/2022, it was reported that the site's executives notified law enforcement authorities in Singapore of a change in their stance regarding investments in stablecoin. The cryptocurrency was hosted on Anchor's infrastructure. 

According to the court report, it is impossible to determine the exact amount owed. The exchange failed to provide law enforcement with all the documents necessary for the analysis. It also deleted some important data about its investments in DeFi. The loss of data from the Hong Kong department makes it impossible to calculate the company's total losses. The court opinion also said that some of the company's employees had withdrawn funds from their accounts before operations were halted.

On Aug. 13, 2022, the crypto exchange went to a court in Singapore, requesting interim management to stabilize its financial situation, and received a favorable response. 

The exchange decided to cut costs through mass layoffs. A month later, news broke about the company's new debt to the Algorand fund.