Singaporean Lending Platform Hodlnaut Moved a Large Amount of Funds to Anchor in January This Year Without Informing Its Customers

Jun 27,2022
KingData News: Terra community researcher FatMan tweeted that Singaporean lending platform Hodlnaut moved a large amount of funds to Anchor in January this year without informing its customers, and that Dirty Bubble Media also posted that Hodlnaut may have incurred huge undisclosed losses as a result of the Terra collapse, after the company's founder said it would not stop withdrawing funds despite a $150 million outflow over the past two weeks. The company's founder has said that $150 million has been withdrawn in the past two weeks and that withdrawals will not stop despite the outflow of funds.
This indicator provides follow-up on the depg of Terra's stablecoin UST on May 8th. Terra's stablecoin UST briefly lost its peg to the U.S. dollar on May 8th, dipping as low as $0.985. The depeg event came after a series of multi-million dollar UST selloffs as one account traded about $85 million worth of UST for USDC on Curve Finance, while another user reportedly sold $108 million worth on Binance. UST posted a slight recovery shortly after Terraform Labs CEO Do Kwon posted a tweet calling out the stablecoin's critics.