Crypto lender Hodlnaut founders deleted over 1,000 files, shows Singapore court report

2022/10/31 00:52

According to Tech in Asia, a Singapore court report has disclosed that bankrupt crypto lender Hodlnaut has been hiding some documents from the court-appointed Interim Judicial Managers (IJMs). The IJMs at EY Corporate Advisors filed the report, asking the Singapore High Court to compel Hodlnaut founders Zhu Juntao and Simon Lee to present the hidden documents. The IJM accused the Hodlnaut founders Zhu Juntao and Simon Lee and some unnamed employees of being uncooperative. Reportedly, they are obstructing judicial managers from accessing and controlling several vital documents and records. These include over 1,000 files deleted from the Google Workspace since the IJMs were appointed. The documents would have helped the IJMs to understand the financial position of crypto lender Hodlnaut better. There’s also a problem of improper maintenance of accounting and financial records even before the IJM appointments. So far, the court-appointed managers are yet to get accurate information on the crypto lender DeFi positions. The DeFi assets account for most of the Hodlnaut crypto assets and are on several platforms. These include Compound, Aave, Curve, and Convex. The lender assets on centralized exchanges only account for $25.7 million of the estimated $104 million it has. This is far lower than the total liabilities, which stand at $377 million. Hodlnaut is one of the corporate victims of the Terra LUNA UST crash. After disclosing its losses in August, the Monetary Authority of Singapore withdrew the in-principle license that allows the Hodlnaut to offer crypto-lending service.

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