Singapore police investigate Hodlnaut for possible fraud, cheating & More Trending News

 

Hodlnaut, a Singapore-based crypto lender, which is presently below interim judicial administration, is being investigated by the Commercial Affairs Department, the white-collar crime unit of the Singapore police, in keeping with data launched on Nov. 23.

See associated article: Singapore’s central financial institution says not possible to guard native customers from FTX fallout

Fast info

  • Police say they acquired a number of experiences between August and this month alleging Hodlnaut and/or its administrators had made false representations regarding the corporate’s publicity to an unspecified digital token.

  • Police launched an investigation into Holdnaut and its administrators for possible cheating and fraud offenses below Sections 417 and 424A of Penal Code 1871.

  • Those who deposited digital tokens with Hodlnaut and consider they could have been defrauded by way of false representations made by the corporate can file police experiences supported by documentary proof.

  • Hodlnaut halted withdrawals, token swaps and deposits in August because it battled a liquidity crunch because of market situations within the aftermath of the Terra-Luna collapse. Its Hong Kong subsidiary, Hodlnaut HK, suffered a US$190 million loss after the algorithmic stablecoin’s greenback peg cracked, in keeping with Bloomberg.

  • In an unrelated growth, the corporate’s interim Judicial Managers (IJM) revealed on Nov. 11 that about 25% of the corporate’s property had been on centralized exchanges and over 71% of these property price S$18.47 million had been held with now-bankrupt crypto trade FTX. IJMs reportedly tried to maneuver the property from FTX to different centralized exchanges because the Sam Bankman-Fried-backed trade crumbled however had been unsuccessful in doing so.

  • See associated article: Hodlnaut owes US$200 mln debt to 17,000 collectors: report

Singapore police investigate Hodlnaut for possible fraud, cheating

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Singapore police investigate Hodlnaut for possible fraud, cheating

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Singapore police investigate Hodlnaut for possible fraud, cheating

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