On hodlnaut: yep, bad mistake. We wanted to tell y'all tho. It's about being transparent, even it it brings FUD. Wrong move, of course; hating ourselves, of course; blame is 100% on me, my decision, of course. But I gotta say, wow, I lost my crypto you-know-what on this one 1/5
It's not like we don't know how to ask the questions. But it went like this: Any exposure to 3AC?' No way! Any involvement in Terra Luna? Who? Us? Of course no! Any lending to, etc etc No No No etc." Every step. #paraphrasing #thebiglie 2/5
They had Singapore govt imprimatur, term deposits were short, interest rate reasonable, reputation first class, blah blah blah. I mean we even shifted some other deposits to them when risk levels went up. (Refer back to me hating myself). 3/5
But depositing funds with centralised crypto lending counterparties that have little to no regulatory oversight is a bad idea, full stop, and I should have been much smarter. I should have known better. 4/5
Well, we are in court now. Hopefully will get some back. No further exposures. It's too bad, tho, as short "term deposits" are the bread and butter of proper financial management and, though we were conservative, we still earned a few million yearly for the community this way.
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