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The Foundation declared that it is using every available legal option to increase asset recovery.The Algorand Foundation has disclosed a hole in its balance sheet of $35 million in<a href="https://www.coingabbar.com/en/crypto-currency/usd-coin-usdc-prices-usd" rel="noopener noreferrer nofollow"> USD Coin (USDC)</a> caused by exposure to the troubled cryptocurrency lending company Hodlnaut, which has suspended withdrawals since August 8.Algorand is a blockchain architecture with built-in smart contract functionality that is intended for institutional use. The Algorand Foundation is a local non-profit organisation whose goal is to support the Algorand ecosystem.The Algorand Foundation published the announcement on its website on Friday, saying that it is using all available legal options to try to recover as many assets as possible.Hodlnaut’s financial situation first got worse when its $300 million investment in<a href="https://www.coingabbar.com/en/crypto-currency/terrausd-wormhole-ust-prices-usd" rel="noopener noreferrer nofollow"> TerraUSD (UST)</a> on the Anchor protocol experienced a sharp decline after it was depegged and the Luna Classic (LUNC) token collapsed. The outcome was that the cryptocurrency loan business stopped all trading and put a halt to withdrawals, citing a liquidity issue. A few weeks later, the Singapore court placed the business under interim judicial management, which is a form of creditor protection plan.According to the Algorand Foundation, the majority of the investments that were locked on the site were short-term deposits that are no longer accessible because Holdnaut has stopped allowing withdrawals.The $35 million represents less than 3% of the Foundation’s assets, and the Algorand Foundation states that they do not foresee [any developing] operational or financial concerns. They also stated that the monies were a surplus to day-to-day requirements.Hodlnaut, a troubled cryptocurrency lender, is currently under temporary court management to address its liquidity problems. Corporate companies are subject to interim judicial management for debt restructuring under Singaporean law in order to preserve and safeguard assets at risk until legal action is taken.The Singapore High Court designated Angela Ee and Aaron Loh of EY Corporate Advisors, who were proposed by the Algorand Foundation, as the Interim Judicial Managers for Hodlnaut on August 29 in order to safeguard the estate until further legal action could be taken.Get more crypto related updates on ;-<a href="https://www.coingabbar.com/en/crypto-news-english" rel="noopener noreferrer nofollow"> https://www.coingabbar.com/en/crypto-news-english</a>

Algorand Foundation details a $35 million exposure to the cryptocurrency lender Hodlnaut.

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