HomeCryptoSingapore Police Investigating Crypto Platform Hodlnaut for Fraud | NEWSRUX

Singapore Police Investigating Crypto Platform Hodlnaut for Fraud | NEWSRUX

Singapore police are investigating native cryptocurrency lending and borrowing platform, Hodlnaut, and its administrators for alleged dishonest and fraud.

Based on the official press launch of Singapore police, the investigation got here following a number of stories of allegations of false representations by the troubled crypto change surfaced.

“Between August and November 2022, the Police obtained a number of stories alleging that Hodlnaut and/or its administrators had made false representations referring to the corporate’s publicity to a sure digital token. Arising from these police stories, the CAD is investigating Hodlnaut and its administrators for potential dishonest and fraud offenses below Sections 417 and 424A of the Penal Code 1871,” the police said.

The troubles of Hodlnaut surfaced when the platform suspended all actions, together with withdrawals and deposits, in August. The step was taken after the platform reportedly misplaced $189.7 million as a result of collapse of the Terra ecosystem.

The Singapore-based crypto firm additional revealed an publicity of over SGD 18.3 million ($13.3 million) earlier this month to now collapsed cryptocurrency change FTX.

The Singapore police at the moment are asking Hodlnaut clients to report their deposits on the platform or any suspicious actions. “In case you have deposited digital tokens with Hodlnaut and imagine that you could have been defrauded by, amongst others, false representations made by Hodlnaut, you might want to lodge a police report,” the press launch added.

Singapore Give attention to Crypto Laws

A number of cryptocurrency startups flocked to Singapore after the Chinese language authorities’s crackdown on the change. Nonetheless, the native business not too long ago confronted a number of setbacks with a number of native entities’ collapse.

The Financial Authority of Singapore (MAS) oversees native crypto corporations and is now tightening laws across the business. It proposed a number of guidelines not too long ago, primarily across the circulation of stablecoins and the restriction of retail actions. It even desires to ban cryptocurrency lending companies to retail buyers.

Singapore police are investigating native cryptocurrency lending and borrowing platform, Hodlnaut, and its administrators for alleged dishonest and fraud.

Based on the official press launch of Singapore police, the investigation got here following a number of stories of allegations of false representations by the troubled crypto change surfaced.

“Between August and November 2022, the Police obtained a number of stories alleging that Hodlnaut and/or its administrators had made false representations referring to the corporate’s publicity to a sure digital token. Arising from these police stories, the CAD is investigating Hodlnaut and its administrators for potential dishonest and fraud offenses below Sections 417 and 424A of the Penal Code 1871,” the police said.

The troubles of Hodlnaut surfaced when the platform suspended all actions, together with withdrawals and deposits, in August. The step was taken after the platform reportedly misplaced $189.7 million as a result of collapse of the Terra ecosystem.

The Singapore-based crypto firm additional revealed an publicity of over SGD 18.3 million ($13.3 million) earlier this month to now collapsed cryptocurrency change FTX.

The Singapore police at the moment are asking Hodlnaut clients to report their deposits on the platform or any suspicious actions. “In case you have deposited digital tokens with Hodlnaut and imagine that you could have been defrauded by, amongst others, false representations made by Hodlnaut, you might want to lodge a police report,” the press launch added.

Singapore Give attention to Crypto Laws

A number of cryptocurrency startups flocked to Singapore after the Chinese language authorities’s crackdown on the change. Nonetheless, the native business not too long ago confronted a number of setbacks with a number of native entities’ collapse.

The Financial Authority of Singapore (MAS) oversees native crypto corporations and is now tightening laws across the business. It proposed a number of guidelines not too long ago, primarily across the circulation of stablecoins and the restriction of retail actions. It even desires to ban cryptocurrency lending companies to retail buyers.

#Singapore #Police #Investigating #Crypto #Platform #Hodlnaut #Fraud

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