Singapore police are investigating native cryptocurrency lending and borrowing platform, Hodlnaut, and its administrators for alleged dishonest and fraud.
In response to the official press launch of Singapore police, the investigation got here following a number of experiences of allegations of false representations by the troubled crypto change surfaced.
“Between August and November 2022, the Police acquired a number of experiences alleging that Hodlnaut and/or its administrators had made false representations regarding the corporate’s publicity to a sure digital token. Arising from these police experiences, the CAD is investigating Hodlnaut and its administrators for attainable dishonest and fraud offenses beneath Sections 417 and 424A of the Penal Code 1871,” the police acknowledged.
The troubles of Hodlnaut surfaced when the platform suspended all actions, together with withdrawals and deposits, in August. The step was taken after the platform reportedly misplaced $189.7 million because of the collapse of the Terra ecosystem.
The Singapore-based crypto firm additional revealed an publicity of over SGD 18.3 million ($13.3 million) earlier this month to now collapsed cryptocurrency change FTX.
The Singapore police are actually asking Hodlnaut prospects to report their deposits on the platform or any suspicious actions. “When you’ve got deposited digital tokens with Hodlnaut and consider that you might have been defrauded by, amongst others, false representations made by Hodlnaut, you might want to lodge a police report,” the press launch added.
Singapore Deal with Crypto Laws
A number of cryptocurrency startups flocked to Singapore after the Chinese language authorities’s crackdown on the change. Nonetheless, the native trade lately confronted a number of setbacks with a number of native entities’ collapse.
The Financial Authority of Singapore (MAS) oversees native crypto corporations and is now tightening rules across the trade. It proposed a number of guidelines lately, primarily across the circulation of stablecoins and the restriction of retail actions. It even desires to ban cryptocurrency lending providers to retail buyers.
Singapore police are investigating native cryptocurrency lending and borrowing platform, Hodlnaut, and its administrators for alleged dishonest and fraud.
In response to the official press launch of Singapore police, the investigation got here following a number of experiences of allegations of false representations by the troubled crypto change surfaced.
“Between August and November 2022, the Police acquired a number of experiences alleging that Hodlnaut and/or its administrators had made false representations regarding the corporate’s publicity to a sure digital token. Arising from these police experiences, the CAD is investigating Hodlnaut and its administrators for attainable dishonest and fraud offenses beneath Sections 417 and 424A of the Penal Code 1871,” the police acknowledged.
The troubles of Hodlnaut surfaced when the platform suspended all actions, together with withdrawals and deposits, in August. The step was taken after the platform reportedly misplaced $189.7 million because of the collapse of the Terra ecosystem.
The Singapore-based crypto firm additional revealed an publicity of over SGD 18.3 million ($13.3 million) earlier this month to now collapsed cryptocurrency change FTX.
The Singapore police are actually asking Hodlnaut prospects to report their deposits on the platform or any suspicious actions. “When you’ve got deposited digital tokens with Hodlnaut and consider that you might have been defrauded by, amongst others, false representations made by Hodlnaut, you might want to lodge a police report,” the press launch added.
Singapore Deal with Crypto Laws
A number of cryptocurrency startups flocked to Singapore after the Chinese language authorities’s crackdown on the change. Nonetheless, the native trade lately confronted a number of setbacks with a number of native entities’ collapse.
The Financial Authority of Singapore (MAS) oversees native crypto corporations and is now tightening rules across the trade. It proposed a number of guidelines lately, primarily across the circulation of stablecoins and the restriction of retail actions. It even desires to ban cryptocurrency lending providers to retail buyers.
