Hodlnaaut’s cryptolending platform owed Algorand Foundation $ 35 million

Hodlnaaut’s cryptolending platform owed the Algorand Foundation $ 35 million in USD Coin (USDC) stabilcoins. The non -profit organization said that they use “all means of legal protection” to compensate for assets.

“As part of the completion of the tasks set before the organization, we sometimes invest part of our excess capital to profit for the development of the Algorand ecosystem,” the report said.

The organization noted that the debt of Hodlnaaut is less than 3% of the total assets of Algorand Foundation. According to the statement, the situation does not entail operating risks and will not cause “liquidity problems”.

Most of the debt falls on short -term deposits. The structure lost access to them when on August 8, 2022 the landing platform suspended the withdrawal of funds and operations with tokens.

On August 13, the company requested a trial in Singapore to stabilize the financial situation. The step was explained by the desire to avoid the forced elimination of user assets in Bitcoin and Ethereum.

The platform also fired 80% of its employees to reduce expenses.

Gucci Makes a Foray

Recall that at the end of the same month, Hodlnaaut reported a “hole” in the balance of $ 193 million. The company placed customer funds in the Anchor Protocol Terra ecosystem. After the collapse of the latter, she suffered losses of $ 189.7 million.

Read the FORKLOG Bitcoin News in our Telegram-cryptocurrency news, courses and analytics.