BitRss.com latest World Crypto News

Search and discover the latest Cryptocurrency updated Stories in Categories

24-7 World Cryptocurrency News about Blockchain, Technology and much more, only from Top Leading Sources

Crypto Lender Hodlnaut Investigated by Singaporean Authorities (Report)

Crypto Lender Hodlnaut Investigated by Singaporean Authorities (Report)
Law enforcement agents in Singapore have reportedly opened an investigation against the troubled crypto lender Hodlnaut. 
The police suspect the company’s executives might have cheated users over the years and committed other crimes.
Hodlnaut Takes Another Punch
According to a Bloomberg  coverage , Singapore’s police force started probing Hodlnaut for its alleged involvement in cheating and fraud offenses. This comes as a result of numerous reports which blamed the firm’s directors for having made “false representations relating to the company’s exposure to a certain digital token.”
“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,” the police outlined.
The Singaporean-based cryptocurrency lender  halted  withdrawals, deposits, and token swaps in August, citing “difficult market conditions.” It  dismissed  approximately 80% of its workforce and reduced its interest rates nearly a week after suspending services.
Hodlnaut  filed to be placed under judicial management with the Singapore High Court, hoping it could “rehabilitate” its business and prevent a forced liquidation of its assets:
“The judicial management application provides a moratorium (or temporary pause) against legal claims and proceedings against Hodlnaut. This pause will provide us with the breathing space to focus our efforts on the recovery plan to rehabilitate the company.”
The authorities approved the request and appointed Rajagopalan Seshadri, Paresh Jotangia, and Ho May Kee as the firm’s interim judicial managers.
The Exposure to Terra’s UST
As CryptoPotato recently reported , Hodlnaut was among the victims of the colossal Terra crash in May this year. The company lost $190 million due to its exposure to the algorithmic stablecoin UST. 
“It appears that the directors had downplayed the extent of the group’s exposure to Terra/Luna both during the period leading up to and following the Terra/Luna collapse in May 2022.”
The crypto lender appears to have been hiding the facts from its users. Bloomberg’s data revealed that some of the company’s employees deleted over 1,000 “key” documents that could have shown the exposure.
Terra’s native token – LUNA – and its stablecoin – UST – plunged to virtually zero causing huge panic among investors and distress in the entire market. Multiple sources disclosed that some people had even committed suicide due to their multi-million losses.
The post Crypto Lender Hodlnaut Investigated by Singaporean Authorities (Report) appeared first on CryptoPotato .

BitRss.com shares this Contents always with License.

Thank you for Share!

   
Tumblr
LinkedIn
Reddit
VK

WhatsApp
Telegram

Cool to know huh? Read the full Article

Read the full Article:  ⭲ Crypto Lender Hodlnaut Investigated by Singaporean Authorities (Report)


Search about Crypto News


BITRSS | CRYPTOCURRENCY WORLD NEWS

The latest Top News, only from Leading exponents of BlockChain, Bitcoin and different Accredited Crypto Currency Sources.

Since 2015, our Mission was to Share, up-to-date, those News and Information we believe to represent in an Ethical and sincere manner the current Crypto Currencies World: everything you are looking for, in one place!

We have always tried to give priority to the News; for this reason we have designed BitRss.com simple and intuitive, usable by all Devices, fast and effective.


| LEARN MORE ABOUT |

Today Most Popular News



SneakPeek Script
Setup, Upload and Go!