KUBR

Liquidation ordered; CEO charged with fraud after TerraUSD collapse

Hodlnaut Pte Ltd · cryptocurrency lending

Revenue inflationConcealed debtGovernance failure

The case in brief

Visible before detection

    Checks that could have surfaced it, on hindsight

    1

    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.

    2

    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.

    3

    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.

    A summary of public documents. It reports what the sources say. It is not Kubr's finding and not a statement of guilt.