The Algorand Foundation has confirmed a $35 million USDC hole in its balance sheet caused by exposure to embattled crypto lending platform Hodlnaut.
However, the Algorand Foundation notes that the $35 million represents less than 3% of the Foundation’s assets and they “do not anticipate [any arising] operational or liquidity issues," and added that the “funds were a surplus to day-to-day requirements”:
“We invest a portion of our surplus treasury capital to generate yield for the purpose of Algorand ecosystem development, and these funds were invested for that purpose.” Embattled crypto lender Hodlnaut is now subject to an Interim Judicial Management to resolve its liquidity issues.Under Singaporean jurisdiction, corporate entities are placed under Interim Judicial Management for debt restructuring purposes in order to preserve and protect assets at risk prior to onset of legal proceedings.
The Algorand Foundation has played a key role, noting that on Aug. 29, the Singapore High Court appointed the Foundation's nominees Angela Ee along with Aaron Loh of EY Corporate Advisors to act as the Interim Judicial Managers for Hodlnaut, aimed at preserving Hodlnaut's asset until further court action begins.
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