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Singapore Conducts Hodlnaut Investigation With Suspected Fraud

**According to an article on Zaobao, Singapore authorities have opened an inquiry into the problematic cryptocurrency exchange Hodlnaut.**

The sources said the corporation and its directors are being investigated by the police department’s white-collar section for charges of cheating and fraud.

The investigation was started on Wednesday as a result of many allegations claiming false claims about the company’s exposure to a particular digital token, according to a statement from the police.

Hodlnaut allegedly lost up to $190 million as a result of the collapse of the Terra environment, and withdrawals were halted in August.

This month’s earlier disclosure by the exchange that it still owns approximately $13.3 million worth of crypto in the now-defunct FTX exchange dealt a further setback to its recovery efforts.

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Harold

Coincu News

Harold

With a passion for untangling the complexities of the financial world, I've spent over four years in financial journalism, covering everything from traditional equities to the cutting edge of venture capital. "The financial markets are a fascinating puzzle," I often say, "and I love helping people make sense of them." That's what drives me to bring clear and insightful financial journalism to the readers of Coincu.