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Cryptocurrencies/Coins/Terra Classic USD (USTC)
Terra Classic USD price, market cap on Coin360 heatmap

Terra Classic USD(USTC)

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$0.021558
(4.23%)
0.00000130 BTC
Market Cap (Rank#132)
$211,394,683
12,755 BTC
Vol 24h
$44,412,651
2,680 BTC
Circulating Supply
9,805,915,311.18
Max Supply
?
1 day agocryptodaily
Crypto Lender Hodlnaut Under Investigation For Possible Fraud
Singapore-based crypto lender Hodlnaut is reportedly facing an investigation by the Singapore police related to alleged fraud and cheating. The police had received several reports that the crypto lender had downplayed its exposure to a “specific token.” Investigation Based On Multiple Complaints According to several reports circulating in local media, Singapore’s white-collar crime unit, the Commercial Affairs Department (CAD), has launched a probe into crypto-lender Hodlnaut and its founders. The investigation was launched on the basis of multiple complaints received by the police against the platform between August and November 2022. The police stated that a majority of the complaints centered around false representations and misinformation about the company’s exposure to a “certain digital token.” Additionally, the police advised investors impacted by the crisis unfolding at Hodlnaut to file an online complaint and submit any verifiable documents related to their transaction history on the platform. The Unknown Token The “unnamed” token in question most likely refers to Terra’s collapsed USTC token, formerly UST. UST was an algorithmic stablecoin pegged to the US dollar, which rapidly lost its peg in May. So far, there has not been a confirmation from the authorities if this indeed is the token in question. The Terra ecosystem faced an unprecedented collapse, leading to several crypto lenders going bankrupt. These included Celsius, Voyager, and Vauld. The crisis was also the reason behind Hodlnaut’s current liquidity issues. The Hodlnaut Crisis Hodlnaut was badly impacted due to the Terra collapse. The first signs of trouble emerged on the 8th of August when the lender suspended all withdrawals on the platform, citing liquidity issues. The platform stated that it was suspending withdrawals to work with its legal advisors and develop the best possible restructuring and recovery plan for its users. The crypto-lender filed for interim judicial management on the 13th of August so that it could gain protection from any legal claims. At the time, the crypto lender claimed it had no exposure to the algorithmic Terra stablecoin. However, on-chain data showed otherwise, suggesting that Hodlnaut held at least $150 million in USTC. A judicial report later confirmed this, which noted that the crypto lender lost nearly $190 million due to the Terra collapse. Hiding Its Exposure The report also stated that Hodlnaut deleted thousands of documents related to their investments in order to hide their exposure to Terra. This was successful to some extent, as the lender was able to keep its USTC exposure under wraps for three months after the Terra ecosystem collapse. However, the eventual liquidity crisis forced the company to seek judicial management, which the Singapore High Courts granted. Report Reveals Details The high court appointed Ee Meng Yen Angela and Aaron Loh Cheng Lee from EY Corporate Advisors Pte. as the company’s interim judicial managers. The report published by the judicial managers at the end of October revealed the extent of Hodlnaut’s exposure, stating that it lost $189.7 million as a result of the Terra crash and adding that the company downplayed its exposure to Terra. A new report added even further fuel to the fire, stating that nearly 72% of the assets held by the lender on centralized exchanges were deposited in the now-bankrupt FTX exchange. Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

About Terra Classic USD

The live price of Terra Classic USD (USTC) today is 0.021558 USD, and with the current circulating supply of Terra Classic USD at 9,805,915,311.18 USTC, its market capitalization stands at 211,394,683 USD. In the last 24 hours USTC price has moved 0.001158 USD or 0.06% while 43,886,716 USD worth of USTC has been traded on various exchanges. The current valuation of USTC puts it at #132 in cryptocurrency rankings based on market capitalization.

Learn more about the Terra Classic USD blockchain network and how it works or follow the price of its native cryptocurrency USTC and the broader market with our unique COIN360 cryptocurrency heatmap.


Terra Classic USD Price0.021558 USD
Market Rank#132
Market Cap211,394,683 USD
24h Volume44,412,651 USD
Circulating Supply9,805,915,311.18 USTC
Max SupplyNo Data
Yesterday's Market Cap208,949,860 USD
Yesterday's Open / Close0.020151 USD / 0.021309 USD
Yesterday's High / Low0.022686 USD / 0.020117 USD
Yesterday's Change
0.06% ( 0.001158 USD )
Yesterday's Volume43,886,716 USD
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