Hodlnaut, a crypto lending company based in Singapore, took a hit this week when it was revealed that the company had kept $18 million worth of cryptocurrency on FTX, a crypto exchange that had temporarily suspended withdrawals.
In a report released on October 28, the interim judicial managers of Hodlnaut said that the company had moved more than 95% of its assets to centralized exchanges. On FTX alone, the company had stored $18.1 million worth of bitcoin (BTC), Ether (ETH), and stablecoins.
A CoinDesk report showed that FTX’s sister company, Alameda Research, was in bad financial shape, and customers could not get their money out of the exchange.
After losing an estimated $189.7 million in the Terra/LUNA crash, Hodlnaut was just one of many businesses that went bankrupt during this year’s cryptocurrency bear market.
According to a report by Hodlnaut’s managers, employees of the lending company took out a total of $550,000 between the beginning of July and when withdrawals were suspended.
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