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The Industrial Affairs Division have launched an investigation into Hodlnaut Pte. Ltd on Nov. 23.
Suspected of fraud and dishonest
The Singapore-based cryptocurrency platform and/ or its administrators are suspected of dishonest and fraud offences, the Singapore Police Pressure (SPF) mentioned in its press launch on Nov. 23.
SPF mentioned they obtained a number of studies between August and November 2022 alleging that Hodlnaut and/or its administrators had made false representations referring to the corporate’s publicity to a sure digital token.
Those that have deposited digital tokens with Hodlnaut and imagine that they could have been defrauded via, amongst others, false representations made by Hodlnaut, can lodge a police report at their nearest Neighbourhood Police Centre, or on-line.
They’re really useful to supply paperwork referring to their transactions with Hodlnaut, similar to data of the funds made to and obtained from Hodlnaut, in addition to related correspondence with the platform.
Halted withdrawals on Aug. 8
Hodlnaut introduced on Aug. 8 that it will likely be halting all withdrawals, token swaps and deposits with quick impact resulting from “latest market situations”.
It said that the platform has knowledgeable the Financial Authority of Singapore of their intention to withdraw their licence utility, including that it’s going to additionally stop all borrowing and lending companies.
The platform mentioned it’s actively engaged on the restoration plan and that it hopes to supply updates and particulars on as quickly as permissible.
It was beforehand reported in end-October that Hodlnaut misplaced almost US$190 million within the TerraUSD wreck and its administrators had downplayed the vary of the group’s publicity to digital tokens.
Prime picture from Hodlnaut web site
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