Singapore-based crypto lender Hodlnaut has been dealt another blow on its path to recovery after it emerged that it held SGD 18.3 ($13.3M) million worth of crypto on FTX, the crypto exchange that halted withdrawals earlier this week.
According to a report by Hodlnaut's interim judicial managers, which was published on Oct. 28, Hodlnaut consolidated over 71% of its assets on centralized exchanges, with SGD 18.4 ($13.3M) million being held on FTX including bitcoin (BTC), ether (ETH) and stablecoins.
FTX customers are currently unable to get funds out of the exchange after a liquidity crunch that stemmed from a CoinDesk report exposing the vulnerable financial situation of Alameda Research - FTX's sister company.
It is possible that Hodlnaut's managers moved funds away from FTX before operations were halted.
STORY CONTINUES BELOW
Recommended for you:
Hodlnaut was one of several companies that succumbed to the pressures of this year's cryptocurrency bear market, freezing withdrawals in August after reportedly losing $189.7 million in the collapse of the Terra ecosystem.
The report by Hodlnaut's managers also states that employees of the lending firm withdrew a total of $550,000 between the beginning of July and when withdrawals were halted.
CORRECTION (Nov. 11, 02:34 UTC): Updates headline, body with SGD figures instead of USD, and percentage of assets.