December 5, 2023

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Singapore police say they are investigating crypto lender Hodlnaut on fraud allegations

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Singapore’s white-collar criminal offense device is investigating Hodlnaut, a local cryptocurrency financial institution beneath court defense from collectors, on allegations of fraud, according to a statement on the web page of the Singapore law enforcement dated Nov. 23.  

See linked posting: Singapore’s central financial institution says not doable to shield nearby users from FTX fallout

Quick specifics

  • The law enforcement Industrial Affairs Office that handles white-collar criminal offense reported they obtained several studies amongst August and this month alleging Hodlnaut and/or its directors experienced manufactured bogus representations relating to the company’s exposure to an unspecified digital token. 
  • The law enforcement launched an investigation into Holdnaut and its directors for doable cheating and fraud offenses underneath Sections 417 and 424A of the Penal Code 1871, according to the assertion.
  • All those who deposited digital tokens with Hodlnaut and believe that they may perhaps have been defrauded by fake representations by the organization can file law enforcement experiences supported by documentary proof.
  • Hodlnaut halted withdrawals, token swaps and deposits in August as it battled a liquidity crunch in the aftermath of the Terra-Luna stablecoin collapse. Its Hong Kong subsidiary, Hodlnaut HK endured a US$190 million reduction soon after the Terra algorithmic stablecoin’s greenback peg cracked, in accordance to Bloomberg.
  • In a associated development, Hodlnaut’s court docket appointed professionals claimed in a statement on Nov. 11 that about 25% of the company’s property had been on centralized exchanges and more than 71% of all those assets well worth S$18.47 million were being held with the now bankrupt FTX trade. The professionals attempted to move the assets from FTX to other platforms but had been unsuccessful in accomplishing so, according to the assertion.
  • See associated write-up:Hodlnaut owes US$200 mln debt to 17,000 lenders: report

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