Algorand Foundation has $35 million exposure to troubled crypto lender Hodlnaut

09/11 11:15

According to TheBlock, the Algorand Foundation said that it has a $35 million exposure in USDC to Hodlnaut, a Singapore-based troubled crypto lender that halted client withdrawals last month. That figure represents less than 3% of the Algorand Foundation's assets, the firm said, adding that it does not anticipate operational or liquidity issues due to its exposure. "As part of the Foundation's mission, from time to time, 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," the foundation said on Friday.

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