The Algorand Foundation has revealed a $35 million USDC hole in its balance sheet as a result of exposure to embattled cryptocurrency lending firm Hodlnaut, which has paused withdraws since Aug. 8.
Algorand is an institutional-grade blockchain infrastructure with embedded smart contract functionality. The Algorand Foundation is a not-for-profit community organization focused on developing the Algorand ecosystem.
The announcement was made on the Algorand Foundation website on Sept. 9, with the Foundation stating that it’s “pursuing all legal remedies to maximize asset recovery.”
Hodlnaut’s financial situation first fell into deep waters when its $300 million investment into TerraUSD (UST) on the Anchor protocol fell dramatically following the de-pegging of UST and collapse of the LUNA token, resulting in the crypto lending firm pausing withdrawals and halting all