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Hodlnaut is a Singapore-based cryptocurrency lending and borrowing platform that lost 69% of the cryptocurrencies that users deposited onto the platform. Co-founded by Juntao Zhu and Simon Lee in 2019, it is advertised as a platform that allows users to earn interest on cryptocurrencies that they deposit through those funds being safely lent out to carefully selected institutions. On 8 August, it disabled the ability of users to withdraw their cryptocurrencies from the platform citing market conditions, however it later became known that Hodlnaut had actually been holding virtually all of its users' deposited funds in the TerraUSD stablecoin which had collapsed in May leading to the massive loss of users funds. The collapse of TerraUSD has similarly led to the bankruptcy of hedgefund Three
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