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

I’ve made it my mission to maintain you recent on all the newest happenings on this planet as of proper now, within the 12 months 2022, via this web site, and I’m sure that you’re going to discover this to be an pleasing expertise. Regardless of what the newest information could must say, it stays a subject of intense curiosity.

It has all the time been our purpose to speak with you and give you up-to-date information and details about the information for free. information about electrical energy, levels, donations, Bitcoin buying and selling, actual property, video video games, client tendencies, digital advertising and marketing, telecommunications, banking, journey, well being, cryptocurrency, and claims are all included right here. You preserve seeing our messages as a result of we labored arduous to take action. Due to the wide range of content material varieties, please don’t hesitate to

Singapore police investigate Hodlnaut for possible fraud, cheating

I’m sure you will discover the information I’ve ready and despatched out to be attention-grabbing and helpful; going ahead, we need to embody contemporary options tailor-made to your pursuits each week.

data with out going by way of us first, so we will present you the newest and biggest information with out costing you a dime. The two of you could be taught the specifics of the information collectively, supplying you with a leg up. We’ll get to the subsequent step when somewhat time has gone.

Our purpose is to maintain you recent on all the most recent information from across the globe by posting related articles on our web site, so that you could be all the time be one step forward. In this fashion, you will by no means fall behind the newest developments in that information.

Singapore police investigate Hodlnaut for possible fraud, cheating

The information tales I’ve shared with you might be both fully authentic or can be fully authentic to you and your viewers. Moreover, I’ve made all of this knowledge accessible to each one in every of you, together with Trending News, Breaking News, Health News, Science News, Sports News, Entertainment News, Technology News, Business News, and World News, so that you could be all the time be within the know, all the time be one step forward of the state of affairs, and all the time get right now’s information. The path that’s two steps forward of the present one ought to all the time be taken.

Read Entire Article🡽

Scroll to Top