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Thursday, December 1, 2022
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SG-BASED CRYPTO LENDER HODLNAUT SUSPECTED OF CHEATING & FRAUD

On 23 November 2022, the Commercial Affairs Department (“CAD”) launched an investigation into Hodlnaut Pte. Ltd. (“Hodlnaut”) and its directors for suspected offences under the Penal Code 1871.

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Previously, the exchange reported that it had over SGD 18.3 million ($13.3 million) in cryptocurrency stranded on the bankrupt exchange FTX, dealing a further setback to its recovery efforts.

Holdnaut froze withdrawals in August after apparently losing close to $189.7 million owing to the Terra ecosystem’s collapse.

Between August and November 2022, the Police received multiple reports alleging that Hodlnaut and/or its directors had made false representations relating to the company’s exposure to a certain digital token.

Arising from these police reports, the CAD is investigating Hodlnaut and its directors for possible cheating and fraud offences under Sections 417 and 424A of the Penal Code 1871.

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If you have deposited digital tokens with Hodlnaut and believe that you may have been defrauded through, among others, false representations made by Hodlnaut, you may wish to lodge a police report at the nearest Neighbourhood Police Centre, or online at https://eservices.police.gov.sg/content/policehubhome/homepage/police-report.html.

To assist us in the review of your complaint, please provide documents relating to your transactions with Hodlnaut. Such documents include the records of the payments made to and received from Hodlnaut as well as relevant correspondence with Hodlnaut.

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