Hodlnaut, the embattled cryptocurrency lender, downplayed its exposure to the collapsed digital-token ecosystem created by fugitive Do Kwon, despite suffering a near $190 million loss as a result of the wipeout. The loss was one of the conclusions of an interim judicial managers’ report obtained by Bloomberg News on Sunday. It is the first such report since a Singapore court granted Hodlnaut protection from creditors in August in order for him to devise a recovery plan. Kwon’s TerraUSD algorithmic stablecoin and sister token Luna were wiped out in May as trust in the project waned, exacerbating this year’s crypto meltdown. Hodlnaut’s Hong Kong subsidiary lost nearly $190 million when it sold the stablecoin as its claimed dollar peg frayed.
