Singapore police have launched an investigation into the troubled crypto exchange Holdnaut.
The decline in the cryptocurrency markets has led many crypto firms to bankruptcy. Crypto loan firm Hodlnaut was one of them in August. The exchange found the solution to stop withdrawals to keep up with market conditions. Later, with the FTX crisis, the last asset of the stock market was also damaged. That didn’t end there, and an investigation opened for Hodlnaut.
Singapore Police Investigate Hodlnaut
The Department of Business Affairs, in cooperation with the Singapore police, launched an investigation into the Hodlnaut stock exchange. The investigation report is the final blow for the troubled Singapore-based exchange, which was one of many crypto companies hit by the crypto crisis earlier this year.
The Singapore Police Force (SPF) said in a press release that the Singapore-based cryptocurrency platform and/or its executives are suspected of cheating and fraud crimes.
SPF noted that between August and November 2022, Hodlnaut or its administrators made false statements about the token. The police added that they have received numerous reports about these allegations.
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