Share this article
Singapore Starts Fraud Investigation Into Crypto Exchange Hodlnaut
The police are looking into allegations of cheating and fraud by the company and its directors.
Updated May 9, 2023, 4:03 a.m. Published Nov 24, 2022, 6:32 a.m.
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
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
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.
More For You
What to know:
- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
More For You
Crypto Firm Tether Says It Wants to Take Over Italian Football Club Juventus
The issuer behind the most popular stablecoin said that if the bid succeeds, it prepares to invest $1 billion in the football club.
What to know:
- Tether said it aims to take over popular Italian football club Juventus FC.
- The firm proposed to acquire Exor's 65.4% stake in an all-cash offer, and intends to make a public offer for the rest of the shares.
- Tether reported net profits exceeding $10 billion this year, while its flagship token USDT is the world's dominant stablecoin with a $186 billion market capitalization.
Top Stories
