Hodlnaut Reports $193 Million Financial Shortfall as It Seeks Court Protection

The affidavit filed with the High Court in Singapore by crypto lender Hodlnaut shows that the platform has an outstanding liability of SGD 391 million (about $281 million) as of Aug. 8, compared with assets of SGD 122 million (about $88 million), resulting in a shortfall of around $193 million. The document also shows that Hodlnaut lost $189.7 million as a result of depositing $UST in Anchor Protocol on Terra. In addition, between June 14 and July 15, Holdnaut suffered “greater than usual net outflows” of around $150 million as panicked customers sought to recover their funds. The number of potential creditors of Hodlnaut is reported to be 17,513.