Singapore Police Investigating Crypto Platform Hodlnaut for Fraud

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Singapore police are investigating local cryptocurrency lending and borrowing platform, Hodlnaut, and its directors for alleged cheating and fraud.

According to the official press release from the Singaporean police, the investigation came following multiple reports of allegations of false representations from the troubled crypto exchange.

“Between August and November 2022, the Police received multiple reports alleging that Hodlnaut and/or its directors made false representations in relation to the company’s exposure to a certain digital token. Stemming from these police reports, the CAD is investigating Hodlnaut and its directors for possible cheating and fraud offenses under Sections 417 and 424A of the Penal Code 1871,” the police stated.

Hodlnaut’s problems surfaced when the platform suspended all activities, including withdrawals and deposits, in August. The step was taken after the platform reportedly lost $189.7 million due to the collapse of the Terra ecosystem.

Additionally, the Singapore-based crypto firm revealed the exposure of more than SGD 18.3 million ($13.3 million) earlier this month has collapsed so far. cryptocurrency exchange

Cryptocurrency exchange

A cryptocurrency exchange is an online platform that supports the exchange of various currencies for cryptocurrency or a digital asset. Comparable to a widespread financial exchange, the core function of a crypto exchange is to allow and encourage the buying and selling of cryptos. This is done by production. a stable trading environment suitable for traders nested across different locations around the world. Sometimes a crypto exchange can be referred to as a digital currency exchange (DCE) for short. How Does Trading Happen on a Crypto Exchange? Cryptocurrency trading takes place through a centralized exchange, although these cryptocurrency exchanges should be used with caution due to the implications that surround the custody of new assets. Similar to the banking industry, when a crypto exchange holds users’ cryptocurrencies, they accrue interest and are no longer classified as client money. These provide an accessible platform for not only companies, hedge funds and retail traders to exchange digital currencies. In addition, crypto. exchanges serve a critical role in producing stability within the cryptocurrency sector considering how the sources and prices of these assets are inherently volatile. One could think of a crypto exchange as an intermediary that provides a service connecting buyers and sellers from various markets under one roof. In exchange for facilitating trades and for services rendered, a digital currency exchange generally collects an outgoing transaction fee that averages between 0.20% to 0.25% or will request a deposit fee that can be as high as 11% for a credit card. deposits Crypto exchanges can also support the exchange of crypto tokens, such as the Binance Token, which is ranked as the 9th most valuable cryptocurrency in the world.

A cryptocurrency exchange is an online platform that supports the exchange of various currencies for cryptocurrency or a digital asset. Comparable to a widespread financial exchange, the core function of a crypto exchange is to allow and encourage the buying and selling of cryptos. This is done by production. a stable trading environment suitable for traders nested across different locations around the world. Sometimes a crypto exchange can be referred to as a digital currency exchange (DCE) for short. How Does Trading Happen on a Crypto Exchange? Cryptocurrency trading takes place through a centralized exchange, although these cryptocurrency exchanges should be used with caution due to the implications that surround the custody of new assets. Similar to the banking industry, when a crypto exchange holds users’ cryptocurrencies, they accrue interest and are no longer classified as client money. These provide an accessible platform for not only companies, hedge funds and retail traders to exchange digital currencies. In addition, crypto. exchanges serve a critical role in producing stability within the cryptocurrency sector considering how the sources and prices of these assets are inherently volatile. One could think of a crypto exchange as an intermediary that provides a service connecting buyers and sellers from various markets under one roof. In exchange for facilitating trades and for services rendered, a digital currency exchange generally collects an outgoing transaction fee that averages between 0.20% to 0.25% or will request a deposit fee that can be as high as 11% for a credit card. deposits Crypto exchanges can also support the exchange of crypto tokens, such as the Binance Token, which is ranked as the 9th most valuable cryptocurrency in the world.
Read this Term FTX.

The Singapore police are now asking Hodlnaut customers to report their deposits on the platform or any suspicious activities. “If you have deposited digital tokens with Hodlnaut and believe you may have been defrauded through, among other things, false representations made by Hodlnaut, you may wish to file a police report,” the press release added.

Singapore Focus on Crypto Regulations

Several cryptocurrency companies have flocked to Singapore following the Chinese government’s crackdown on the exchange. However, recently the local industry has faced several setbacks with the collapse of several local units.

The Monetary Authority of Singapore (MAS) oversees local crypto companies and is now tightening regulations around the industry. It has proposed several rules recently, mainly around the circulation of stablecoins and the restriction of retail activities. It even wants to ban cryptocurrency lending services to retail investors.

Singapore police are investigating local cryptocurrency lending and borrowing platform, Hodlnaut, and its directors for alleged cheating and fraud.

According to the official press release from the Singaporean police, the investigation came following multiple reports of allegations of false representations from the troubled crypto exchange.

“Between August and November 2022, the Police received multiple reports alleging that Hodlnaut and/or its directors made false representations in relation to the company’s exposure to a certain digital token. Stemming from these police reports, the CAD is investigating Hodlnaut and its directors for possible cheating and fraud offenses under Sections 417 and 424A of the Penal Code 1871,” the police stated.

Hodlnaut’s problems surfaced when the platform suspended all activities, including withdrawals and deposits, in August. The step was taken after the platform reportedly lost $189.7 million due to the collapse of the Terra ecosystem.

Additionally, the Singapore-based crypto firm revealed the exposure of more than SGD 18.3 million ($13.3 million) earlier this month has collapsed so far. cryptocurrency exchange

Cryptocurrency exchange

A cryptocurrency exchange is an online platform that supports the exchange of various currencies for cryptocurrency or a digital asset. Comparable to a widespread financial exchange, the core function of a crypto exchange is to allow and encourage the buying and selling of cryptos. This is done by production. a stable trading environment suitable for traders nested across different locations around the world. Sometimes a crypto exchange can be referred to as a digital currency exchange (DCE) for short. How Does Trading Happen on a Crypto Exchange? Cryptocurrency trading takes place through a centralized exchange, although these cryptocurrency exchanges should be used with caution due to the implications that surround the custody of new assets. Similar to the banking industry, when a crypto exchange holds users’ cryptocurrencies, they accrue interest and are no longer classified as client money. These provide an accessible platform for not only companies, hedge funds and retail traders to exchange digital currencies. In addition, crypto. exchanges serve a critical role in producing stability within the cryptocurrency sector considering how the sources and prices of these assets are inherently volatile. One could think of a crypto exchange as an intermediary that provides a service connecting buyers and sellers from various markets under one roof. In exchange for facilitating trades and for services rendered, a digital currency exchange generally collects an outgoing transaction fee that averages between 0.20% to 0.25% or will request a deposit fee that can be as high as 11% for a credit card. deposits Crypto exchanges can also support the exchange of crypto tokens, such as the Binance Token, which is ranked as the 9th most valuable cryptocurrency in the world.

A cryptocurrency exchange is an online platform that supports the exchange of various currencies for cryptocurrency or a digital asset. Comparable to a widespread financial exchange, the core function of a crypto exchange is to allow and encourage the buying and selling of cryptos. This is done by production. a stable trading environment suitable for traders nested across different locations around the world. Sometimes a crypto exchange can be referred to as a digital currency exchange (DCE) for short. How Does Trading Happen on a Crypto Exchange? Cryptocurrency trading takes place through a centralized exchange, although these cryptocurrency exchanges should be used with caution due to the implications that surround the custody of new assets. Similar to the banking industry, when a crypto exchange holds users’ cryptocurrencies, they accrue interest and are no longer classified as client money. These provide an accessible platform for not only companies, hedge funds and retail traders to exchange digital currencies. In addition, crypto. exchanges serve a critical role in producing stability within the cryptocurrency sector considering how the sources and prices of these assets are inherently volatile. One could think of a crypto exchange as an intermediary that provides a service connecting buyers and sellers from various markets under one roof. In exchange for facilitating trades and for services rendered, a digital currency exchange generally collects an outgoing transaction fee that averages between 0.20% to 0.25% or will request a deposit fee that can be as high as 11% for a credit card. deposits Crypto exchanges can also support the exchange of crypto tokens, such as the Binance Token, which is ranked as the 9th most valuable cryptocurrency in the world.
Read this Term FTX.

The Singapore police are now asking Hodlnaut customers to report their deposits on the platform or any suspicious activities. “If you have deposited digital tokens with Hodlnaut and believe you may have been defrauded through, among other things, false representations made by Hodlnaut, you may wish to file a police report,” the press release added.

Singapore Focus on Crypto Regulations

Several cryptocurrency companies have flocked to Singapore following the Chinese government’s crackdown on the exchange. However, recently the local industry has faced several setbacks with the collapse of several local units.

The Monetary Authority of Singapore (MAS) oversees local crypto companies and is now tightening regulations around the industry. It has proposed several rules recently, mainly around the circulation of stablecoins and the restriction of retail activities. It even wants to ban cryptocurrency lending services to retail investors.

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