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- The collapse of BlockFi and Celsius revealed the secretly made crypto investments.
- The investment arm failed to repay the loan taken from BlockFi.
This Southeast Asian country’s secret crypto investments with BlockFi and Celsius came to light with their collapse!
Southeast Asian Country Creating Crypto Portfolio
It has been reported that the Himalayan country of Bhutan (officially known as the Kingdom of Bhutan), surrounded by Karayla, secretly invested millions of dollars in Bitcoin
According to court records, Druk Holding & Investments, Bhutan’s $2.9 billion national investment arm, was a customer of the bankrupt crypto lending institutions BlockFi and Celsius.
Although Druk Holding & Investments is responsible for managing a portfolio consisting of local assets, it appears to have also been secretly creating a crypto portfolio since 2022. This was revealed after last year’s crypto crashes, which caused a number of businesses, including FTX and Voyager, to fail.
National Investment Arm Accused of Default
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Druk withdrew over $65 million while investing approximately $18 million in crypto assets during the three-month period that included the Celsius application in question.
BlockFi filed a lawsuit against Druk in Thimphu, the capital of Bhutan and the residence of the country’s royal family. BlockFi alleges that Druk has not fully repaid the $30 million debt it received.
According to the allegations, Druk agreed to borrow $30 million in USD Coin, a stablecoin pegged to the US dollar, in February 2022. However, according to BlockFi’s claims, Druk “failed and refused” to fully repay the loan. Even after the lender liquidated the 1888 Bitcoins, which were collateralized at the time the loan was made and valued at $76.5 million, there was still an outstanding debt of $820,000.
In addition, in October, Celsius publicly disclosed more than 14,000 pages of user information, including names, addresses, and financial activities. Between April and June 2022, Druk Holding & Investments conducted dozens of transactions, including deposits, withdrawals, and borrowing of Bitcoin, Ethereum, Tether, and several other cryptocurrencies, as shown with an account named “Druk Project Fund.”