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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.

By Parikshit Mishra, Oliver Knight
AccessTimeIconNov 24, 2022 at 6:32 a.m. UTC
Updated May 9, 2023 at 4:03 a.m. UTC
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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.

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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Parikshit Mishra
Parikshit Mishra

Parikshit Mishra is CoinDesk's Deputy Managing Editor responsible for breaking news coverage. He does not have any crypto holdings.

Follow @parikshitm899 on Twitter
Oliver Knight
Oliver Knight

Oliver Knight is a CoinDesk reporter based between London and Lisbon. He does not own any crypto.

Follow @OKnightCrypto on Twitter

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