Cryptocurrency lender Hodlnaut is being investigated by the white-collar crime unit of the Singapore Police Force, the latest in a series of scandals that had rocked the industry, which has been very loosely regulated, this year.on Wednesday , saying that the Commercial Affairs Department began an investigation into the company and its directors for suspected offences under Singapore law.
The statement noted that multiple police reports had been filed between August and November of this year “alleging that Hodlnaut and/or its directors had made false representations relating to the company’s exposure to a certain digital token.” Because of these reports, the company and its directors are now under investigation for possible cheating and fraud offences under Sections 417 and 424A of the Penal Code 1871.
“If you have deposited digital tokens with Hodlnaut and believe that you may have been defrauded through, among others, false representations made by Hodlnaut, you may wish to lodge a police report at the nearest Neighbourhood Police Centre” orThe police are asking individuals who have these concerns to provide documents relating to their transactions with Hodlnaut.
As of Aug 8, users were no longer able to withdraw their cryptocurrencies from Hodlnaut. At that time, the company said this was due to market conditions. However, it was later revealed that Hodlnaut had been keeping nearly all the funds that users put into it in theBloomberg reported that Hodlnaut HK suffered a US$190 million loss in the wake of TerraUSD’s collapse. /TISG
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