Singapore Police Are Looking Into CryptoCurrency Platform HODLNAUT For Possible Fraud

According to a news statement issued by Singapore police, the inquiry was launched in response to various claims alleging deceptive representations by the struggling cryptocurrency exchange.

“Multiple allegations were received by the Police between August and November 2022 indicating that Hodlnaut and/or its directors had made misleading claims about the company's exposure to a certain digital coin. Based on these police allegations, the CAD is investigating Hodlnaut and its directors for alleged cheating and fraud charges under Penal Code Sections 417 and 424A ”According to the police,

Hodlnaut's problems were revealed in August, when the site froze all activity, including withdrawals and deposits. The decision was made after the platform apparently lost $189.7 million owing to the Terra ecosystem's collapse.

According to a news statement issued by Singapore police, the inquiry was launched in response to various claims alleging deceptive representations by the struggling cryptocurrency exchange.

Singapore Is Concentrating on Crypto Regulations

Following the Chinese government's ban on the exchange, many bitcoin businesses migrated to Singapore. However, the local industry has lately suffered many setbacks, with some local firms dissolving.

The Monetary Authority of Singapore (MAS) regulates local crypto firms and is currently strengthening rules in the sector. It recently suggested various restrictions, mostly concerning the circulation of stablecoins and the prohibition of retail activity. It even wants to make bitcoin lending services unavailable to individual investors.

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