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Singapore Starts Fraud Investigation Into Crypto Exchange Hodlnaut
The police are looking into allegations of cheating and fraud by the company and its directors.
Singapore police said they have started an investigation into troubled crypto exchange Hodlnaut.
According to a press release, the police are looking into allegations of cheating and fraud by the company and its directors.
STORY CONTINUES BELOW
The investigation report is the latest blow for the troubled Singapore-based exchange, which was one of the many crypto firms that was hit by the crypto downturn earlier this year.
Earlier this month, the exchange had revealed that it has over SGD 18.3 million ($13.3 million) worth of crypto stuck in the defunct exchange FTX, dealing a further blow to its recovery process.
Hodlnaut had frozen withdrawals in August, after reportedly losing close to $189.7 million due to the collapse of the Terra ecosystem.
Hodlnaut did not immediately respond to CoinDesk's request for comment.
Read more: Troubled Crypto Lender Hodlnaut Had $13M on FTX Before Withdrawal Freeze
UPDATE (Nov. 24, 11:07 UTC): Updates headline and story with confirmation from Singapore Police.
CORRECTION (Nov. 28, 15:25 UTC): Corrects Hodlnaut name throughout.
Parikshit Mishra
Parikshit Mishra is CoinDesk's Regional Head of Asia, managing the editorial team in the region. Before joining CoinDesk, he was the EMEA Editor at Acuris (Mergermarket), where he dealt with copies related to private equity and the startup ecosystem. He has also worked as an Senior Analyst for CRISIL, covering the European markets and global economies. His most notable tenure was with Reuters, where he worked as a correspondent and an editor for various teams. He does not have any crypto holdings.
Oliver Knight
Oliver Knight is the co-leader of CoinDesk data tokens and data team. Before joining CoinDesk in 2022 Oliver spent three years as the chief reporter at Coin Rivet. He first started investing in bitcoin in 2013 and spent a period of his career working at a market making firm in the UK. He does not currently have any crypto holdings.
