There was a time when the cryptocurrency industry was running fast in its nascent stage. The entire globe is aware of the market of cryptocurrency, and people have even started embracing these digital assets. Bhutan has been covertly investing millions of dollars in Bitcoin [BTC] and other cryptocurrencies.
For cryptocurrency investments, Bhutan has been employing now-defunct firms BlockFi and Celsius. From the general public this interests have been hidden. This is all because of the insolvency of the firms.
As per the filing of the court, BlockFi and Celsius were considered as the clients of Bhutan. These two have invested about $2.9 billion in arm, Druk Holding & Investments [DHI].
Druk Holding & Investments have been the in charge of overseeing a portfolio of domestic assets. Druk has also been discreetly building a portfolio of crypto assets.
How many Bitcoins were purchased
Celsius made the announcement regarding the fact that DHI took out over $65 million and deposited the amount of about $18 million in digital assets. Along with this, the transaction logs have made the introduction of Druk Holding & Investments altogether with an account titled with “Druk Project Fund.” This funding amount carried out hundreds of transactions between the month of April and June 2022. This is all inclusive of deposits, withdrawals, and borrowing of Bitcoin, Ethereum, Tether, and many more.
Attorneys for BlockFi claimed that DHI had defaulted on its $30 million loan in the month of March and slapped a case against the organization for the recovery of unclaimed assets.
Along with this, BlockFi has revealed that DHI refused to return the amount of the loan after selling 1,888 Bitcoin which was serving as a security. The valuation was done at $76.5 million. This information is revealed by the CEO of DHI, “matter with BlockFi has been settled.”