Crypto Lender Hodlnaut Lost Nearly $190 Million in $USTC Drop

Directors of Hodlnaut HK, a subsidiary of Hodlnaut, said that the loss sustained equates to $189.7 million.

According to figures in the report, Hodlaut total estimated asset's equate to $74 million with liabilities of $267.6 million, a shortfall of $193.6 million. Almost three-quarters of Hodlnaut's assets are in DeFi positions across Compound, Convex and Aave. A review of transaction data by the judicial managers shows that Hodlnaut employees withdrew a total of $550,000 between the beginning of July and the time the firm froze withdrawals for customers.

Previously, Hodlnaut converted a "significant amount" of crypto into $USTC, much of which was staked on the now defunct Anchor Protocol to generate a yield.