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 its executives 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 want 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 are experiencing 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 underestimated its exposure to the Terra ecosystem.
Cryptocurrency controls tighten in Singapore
cryptocoin.com As we reported, Singapore regulators have been tightening their controls over the country’s crypto sector lately. 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.
Contact us to be instantly informed about the last minute developments. twitter‘in, Facebookin and InstagramFollow and Telegram and YouTube join our channel!
Risk Disclosure: The articles and articles on Kriptokoin.com do not constitute investment advice. Bitcoin and cryptocurrencies are high-risk assets, and you should do your own research and due diligence before investing in these currencies. You can lose some or all of your money by investing in Bitcoin and cryptocurrencies. Remember that your transfers and transactions are at your own risk and any losses that may occur are your responsibility. Cryptokoin.com does not recommend buying or selling any cryptocurrencies or digital assets, nor is Kriptokoin.com an investment advisor. For this reason, Kriptokoin.com and the authors of the articles on the site cannot be held responsible for your investment decisions. Readers should do their own research before taking any action regarding the company, assets or services in this article.
Disclaimer: Advertisements on Kriptokoin.com are carried out through third-party advertising channels. In addition, Kriptokoin.com also includes sponsored articles and press releases on its site. For this reason, advertising links directed from Kriptokoin.com are on the site completely independent of Kriptokoin.com’s approval, and visits and pop-ups directed by advertising links are the responsibility of the user. The advertisements on Kriptokoin.com and the pages directed by the links in the sponsored articles do not bind Kriptokoin.com in any way.
Warning: Citing the news content of Kriptokoin.com and quoting by giving a link is subject to the permission of Kriptokoin.com. No content on the site can be copied, reproduced or published on any platform without permission. Legal action will be taken against those who use the code, design, text, graphics and all other content of Kriptokoin.com in violation of intellectual property law and relevant legislation.