In the latest court document, the Hodlnaut founder allegedly withheld financial documents from the Interim Judicial Manager (IJM), who discovered via Google Drive that after Hodlnaut told client that they did not have a UST, secretly deleted a folder named “lost UST”.
As Techinasia reports, a Singapore court report has revealed that cryptocurrency lending platform Hodlnaut has withheld financial documents from the Interim Judicial Manager (IJM). The documents will help IJM better understand the company’s financial position. There is also an issue of improperly maintaining accounting and financial records even before IJM appointments.
The IJM accused Hodlnaut founders Zhu Juntao and Simon Lee and several unnamed employees of being uncooperative. The IJM has asked the Singapore Supreme Court to force Hodlnaut founders Zhu Juntao and Simon Lee to produce hidden documents. More than 1,000 files are reported to have been removed from Google Drive by Hodlnaut since IJM’s appointment, including a folder named “lost UST” after Hodlnaut told customers they had no UST.
The director of Hodlnaut HK, a subsidiary of Hodlnaut, said Hodlnaut suffered a loss equivalent to $189.7 million after converting a large amount of cryptocurrency into UST, most of which was bet on Anchor protocol is now defunct to generate revenue.
The report states that to date, the court-appointed interim judicial administrator has not obtained accurate information about Hodlnaut’s DeFi positions, which account for the majority of Hodlnaut’s crypto assets and have on multiple platforms. These include Compound, Aave, Curve and Convex.
Lenders’ assets on centralized exchanges accounted for just $25.7 million of its estimated $104 million, much lower than total liabilities of $377 million. The interim judicial administrator’s next report is due on December 15.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
Join CoinCu Telegram to keep track of news: https://t.me/coincunews