Recently, the cryptocurrency investment of a famous company in the Asian continent has attracted attention. According to various reports, DHI has invested over $100 million in cryptocurrencies. Here are the details…
Wealth fund invests in cryptocurrencies
Bhutan’s sovereign wealth fund Druk Holding and Investments (DHI) is secretly investing millions of dollars in cryptocurrencies through bankrupt crypto firms BlockFi and Celsius. The silent investments were disclosed after both BlockFi and Celsius filed for bankruptcy, Forbes reported on April 15. In particular, all purchases are clearly recorded in BlockFi and Celsius bankruptcy documents. On top of that, Forbes revealed that DHI’s crypto investments were never made public. The Kingdom of Bhutan is allegedly investing in cryptocurrencies like Bitcoin, Ethereum and so on.
Forbes’ report reveals that Celsius files show DHI has withdrawn over $65 million and invested nearly $18 million in crypto. On top of that, the data shows that DHI made several transactions between April and June 2022 by “depositing, withdrawing and borrowing Bitcoin (BTC), Ethereum (ETH), Tether (USDT) and a handful of other cryptocurrencies.” Meanwhile, BlockFi’s lawyers filed a complaint against DHI, accusing the fund of defaulting on a $30 million loan. BlockFi claimed that DHI had liquidated 1,888 Bitcoin collateral worth $76.5 million at the time, but “failed and refused” to repay the loan.
The Forbes report claims to have contacted DHI CEO Ujjwal Deep Dahal, who responded to the allegations. The CEO said, “We don’t have any comments as the issue with BlockFi has been resolved. We cannot comment due to privacy,” it is recorded. The DHI CEO declined to comment on the crypto investment made through Celsius. It should be noted that BlockFi filed for bankruptcy at the end of November 2022, while Celsius declared bankruptcy in July 2022. cryptocoin.comAs we reported, in 2021, the Kingdom of Bhutan joined forces with crypto exchange Ripple to launch a pilot on the country’s central bank digital currency (CBDC).
Summary of the collusion
As a result, it has been determined that Druk Holdings and Investments, the national investment arm of the South Asian country Bhutan, has secretly invested millions of dollars in Bitcoin and crypto money. According to Forbes, the $2.9 billion firm has transacted millions of dollars in stablecoins, Bitcoin and Ethereum through Celsius and BlockFi. The investments were not previously disclosed but did show up in Celsius’ bankruptcy filings. Bhutan’s investment firm has withdrawn over $65 million from the failed lending platform and invested $18 million in cryptocurrency. BlockFi accused Druk of failing to repay part of his $30 million USDC loan and not using the Bitcoin held as collateral to repay the debt.
