Mathisen Marketing

Your Marketing Blog

Singapore Police Investigating Crypto Platform Hodlnaut for Fraud

Singapore’s MAS Seeks Information on Crypto Business Activities

As an affiliate, we may earn from qualifying purchases. We get commissions for purchases made through links on this website.

Receive $10 in Bitcoin when you buy or sell $100 or more on Coinbase! https://mathisenmarketing.com/coinbase

Local cryptocurrency lending and lending platform Hodlnaut and its executives are being investigated by Singapore police for alleged scams and fraud.

According to an official press release from the Singapore Police, the investigation began after several reports of allegations of false information about the struggling crypto exchange surfaced.

“Between August and November 2022, the police received several reports alleging that Hodlnaut and/or its directors had misrepresented the company’s exposure to a certain digital token. Based on these police reports, CAD is investigating Hodlnaut and its directors for possible fraud and deceit crimes under Section 1871 of the Penal Code: under n 417 and 424A”, the police announced.

Hodlnaut’s problems came to the fore when the platform suspended all operations, including withdrawals and deposits, in August. The move comes after the platform reportedly lost $189.7 million due to the collapse of the Terra ecosystem.

Additionally, the Singapore-based crypto company earlier this month disclosed more than S$18.3 million ($13.3 million) in exposure, which has now collapsed cryptocurrency exchange FTX.

Singapore police are now asking Hodlnaut customers to report their deposits on the platform or suspicious activity. “If you have deposited digital tokens with Hodlnaut and believe you may have been defrauded based on, among other things, Hodlnaut’s false information, you may wish to file a criminal complaint,” the press release added.

Singapore focuses on crypto regulations

Several cryptocurrency startups flocked to Singapore after the Chinese government clamped down on the exchange. However, the local industry recently faced several setbacks with the collapse of several local units.

The Monetary Authority of Singapore (MAS) oversees local crypto companies and is now tightening regulations on the industry. It recently proposed a number of rules, mainly dealing with the circulation of stablecoins and restricting retail trade. It even wants to ban cryptocurrency lending services to retail investors.

Local cryptocurrency lending and lending platform Hodlnaut and its executives are being investigated by Singapore police for alleged scams and fraud.

According to an official press release from the Singapore Police, the investigation began after several reports of allegations of false information about the struggling crypto exchange surfaced.

“Between August and November 2022, the police received several reports alleging that Hodlnaut and/or its directors had misrepresented the company’s exposure to a certain digital token. Based on these police reports, CAD is investigating Hodlnaut and its directors for possible fraud and deceit crimes under Section 1871 of the Penal Code: under n 417 and 424A”, the police announced.

Hodlnaut’s problems came to the fore when the platform suspended all operations, including withdrawals and deposits, in August. The move comes after the platform reportedly lost $189.7 million due to the collapse of the Terra ecosystem.

Additionally, the Singapore-based crypto company earlier this month disclosed more than S$18.3 million ($13.3 million) in exposure, which has now collapsed cryptocurrency exchange FTX.

Singapore police are now asking Hodlnaut customers to report their deposits on the platform or suspicious activity. “If you have deposited digital tokens with Hodlnaut and believe you may have been defrauded based on, among other things, Hodlnaut’s false information, you may wish to file a criminal complaint,” the press release added.

Singapore focuses on crypto regulations

Several cryptocurrency startups flocked to Singapore after the Chinese government clamped down on the exchange. However, the local industry recently faced several setbacks with the collapse of several local units.

The Monetary Authority of Singapore (MAS) oversees local crypto companies and is now tightening regulations on the industry. It recently proposed a number of rules, mainly dealing with the circulation of stablecoins and restricting retail trade. It even wants to ban cryptocurrency lending services to retail investors.

Source link



Receive $10 in Bitcoin when you buy or sell $100 or more on Coinbase! https://mathisenmarketing.com/coinbase

Source link

Leave a Reply

Your email address will not be published. Required fields are marked *

Latest Posts