Singapore police are investigating Singapore-based Bitcoin and altcoin platform Hodlnaut and its executives for suspected fraud and fraud crimes. Here are the details…
Singapore police focus on Bitcoin and altcoin platform
Between August and November of this year, the police received numerous reports alleging that Hodlnaut or his managers had made false statements regarding the company’s exposure to a particular coin. The Department of Business Affairs has launched an investigation into the crypto lender for suspected crimes. The police used the following statements:
If you have deposited crypto with Hodlnaut and you believe you have been scammed through false statements made by Hodlnaut, among others, you may wish to file a police report with your nearest Neighborhood Police Station or online. Please provide documentation related to your dealings with Hodlnaut to assist us in investigating your complaint. Such documents include records of correspondence relating to Hodlnaut as well as payments made to and received from Hodlnaut.
Lost 190 million allegedly
Like other players in the market, lending platforms have come under stress this crypto winter. Hodlnaut reportedly lost $190 million in the collapse of the Terra ecosystem earlier this year. Police said the investigation began Wednesday, November 23, with allegations of “false statements regarding the company’s exposure to a particular token.” Hodlnaut stopped withdrawals on its platform in August earlier this year and received protection from creditors.
As mentioned earlier, Hodlnaut is among the crypto lenders that have experienced great stress in their operations after the collapse of the TerraUSD ecosystem. Earlier, Hodlnaut had confirmed that he had “litigation pending” with the police. The court has appointed interim judicial directors for Hodlnaut, which released a report last month stating that the firm had underestimated its exposure to the Terra ecosystem.
Cryptocurrency controls tighten in Singapore
Singapore regulators have been tightening their controls on the country’s crypto industry lately, as we reported on Kriptokoin.com. This was with the explosion of the Singapore-based Terra ecosystem that spread like an epidemic into the crypto space. Last month, the Monetary Authority of Singapore proposed a regulatory framework to mitigate investors’ risk in crypto trading. MAS has banned retail investors from using credit cards and borrowing money for crypto trading.
Singapore is trying to move away from its crypto-friendly status. Meanwhile, Hong Kong seems to have seized this opportunity. According to reports, Hong Kong will resume crypto trading in the country. Amid the changing dynamics of Asia’s crypto industry, Hong Kong could get some jobs from Singapore.
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