Crypto Lender Hodlnaut Lost Nearly $190 Million in TerraUSD Drop

Oct 31,2022
KingData News: Embattled cryptocurrency lender Hodlnaut downplayed its exposure to the collapsed digital-token ecosystem created by fugitive Do Kwon yet suffered a near $190 million loss from the wipeout. The loss is among the findings of an interim judicial managers’ report seen by Bloomberg News. It is the first such report since a Singapore court in August granted Hodlnaut protection from creditors to come up with a recovery plan.
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.