Liquidation ordered; CEO charged with fraud after TerraUSD collapse
Hodlnaut Pte Ltd · cryptocurrency lending
The case in brief
Visible before detection
Checks that could have surfaced it, on hindsight
Bank credits vs books
Cryptocurrency exchange records would reveal the large UST purchase and concentration
Can mislead when: AA only sees the accounts the company links, so an undisclosed account stays invisible. Cash-heavy businesses and timing differences create false flags.
End-use tracing of funds
Deposits traced to Anchor Protocol would show undisclosed exposure
Can mislead when: Kubr sees only the company's own accounts. Once money reaches a third party's bank, Kubr can flag the payee but cannot see the next hop without that party's consent.
Operating-metric verification
Fund flows exceeding user deposit withdrawals would indicate asset transfers
Can mislead when: Contract staff do not appear in EPFO. Vahan access needs licensed APIs. Some businesses have no physical trace.
Where Kubr services would have helped
Proceeds tracer
Offered in India- C1 Cryptocurrency exchange records would reveal the large UST purchase and concentration
- C6 Deposits traced to Anchor Protocol would show undisclosed exposure
- C10 Fund flows exceeding user deposit withdrawals would indicate asset transfers
Financial diligence
Offered in India- C1 Cryptocurrency exchange records would reveal the large UST purchase and concentration
- C10 Fund flows exceeding user deposit withdrawals would indicate asset transfers
Model check
Offered in India- C1 Cryptocurrency exchange records would reveal the large UST purchase and concentration
- C10 Fund flows exceeding user deposit withdrawals would indicate asset transfers
Valuation context
Offered in India- Peer multiples and the exit-multiple bridge would have shown how much of the story relied on valuation holding.
Mapped from the checks each service runs. A hindsight reading of public records, not a promise that the failure would have been found.
Same pattern
A summary of public documents. It reports what the sources say. It is not Kubr's finding and not a statement of guilt.