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Singaporean cryptocurrency lending firm Hodlnaut had 317 million UST, which resulted in a $190 million loss due to the notorious crash.
According to alleged court filings, Hodlnaut tried to liquidate its positions in UST, however, due to the "market's lack of liquidity," the company failed to sell all assets quickly. As a result, Hodlnaut sold assets at $0.42 per UST, which resulted in realized losses of about $189.7 million.
The news comes amid reports that Hodlnaut is pending proceedings with the Singapore Attorney-General and Singapore Police Force. The Singapore-based firm declined to disclose any information in this regard.
In early August, Hodlnaut suspended withdrawals, deposits, and swaps to focus on "stabilizing liquidity" amid a restructuring process. The firm had also withdrawn its license application from the Monetary Authority of Singapore (MAS) for crypto payment services.
