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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.
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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.
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