Crypto lending platform Hodlnaut appears to have suffered huge losses following the collapse of the Terra protocol, Dirty Bubble Media said.
According to blockchain data verified by Nansen, the company sent $171 million in UST to FTX on May 11, 2022, as the decoupling of stablecoins is accelerating through the ETH 0.21%-news/">Ethereum chain. Collating according to sources found that Hodlnaut sent an additional 138 million UST to FTX via the Terra chain.
The Terra wallet was identified as Hodlnaut’s by transaction matching. During this exit, the price of UST fell from $0.69 to $0.19. Given the size of the deal, it seems plausible that Hodlnaut’s departure from Terra accelerated the decoupling. Most of the UST held by Hodlnaut appears to have been purchased through a swap of Tether and USDC. We also found that this wallet is one of the largest liquidity providers from UST to the UST and 3crv pools on Curve.
As such, Hodlnaut is also one of the largest depositors on Anchor, who started deploying there on January 21, 2022, depositing as much as $2-300 million at its peak, and earning $11.1 million. Due to the collapse of the Terra protocol, we estimate that Hodlnaut may have suffered tens of millions of dollars in losses in this incident. However, the company does not appear to disclose the loss.
