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Singapore Police to Investigate Crypto Lender Hodlnaut

Singapore Police to Investigate Crypto Lender Hodlnaut

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The SPF is investigating whether cryptolender Hodlnaut has committed fraud.

Singapore Police Force (SPF)which is the national and principal law enforcement agency of the Republic of Singapore responsible for crime prevention and law enforcement is said to have launched an investigation into cryptolender Hodlnaut.

By news report shared by local news portal Mothership, The commercial department is investigating whether Hodlnaut has committed “fraud and fraud offences”.

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Singapore police revealed that it was received multiple reports of a crypto lender or its executives providing false “information about the company’s exposure to a specific digital token” between August and November 2022.

Police are advising any parties “who have deposited digital tokens with Hodlnaut” and believe they have been defrauded by Hodlnaut file police reports at local police stations or online.

It is worth noting that investors must make a police report prove their claims by providing documents related to the transactionssuch as “information about payments made to and received from Hodlnaut and relevant correspondence with the platform”.

Cryptolender Hodlnaut began to face various disadvantages in August when it stopped withdrawals. At the time, the company claimed so it had liquidity problems and had no choice but to suspend withdrawals.

News of Hodlnaut’s withdrawal came just months after the collapse of Terra’s ecosystem. At the time, Hodlnaut claimed that it had no exposure to TerraUSD (UST), now known as TerraUSD Classic (USTC). However, the chain’s data revealed otherwise. According to information Hodlnaut had at least $150 million in UST.

October 31, Bloomberg divided a According to the report, Hodlnaut lost about $190 million during the Terra debacle. In addition, according to the report, Hodlnaut deleted most of the documents related to his investments in order to hide his exposure to UST.

Gile K. - cryptanalyst

by Gile K. – Crypto Analyst, BitDegree


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