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Singapore Starts Fraud Investigation In to Crypto Exchange Hodlnaut

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@adedayoolumide
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Singapore is one of the cryptocurrency adopting countries in the world, but when it comes to cryptocurrency scams, the authorities are not kidding about it and they all try their best to take the problem out of the state. A week ago, Singaporean authorities issued a strong warning to everyone involved in the collapse of FTX to be aware of any fishing website that claims to work under the Department of Justice and will assist them in their withdrawal from the cryptocurrency exchange FTX.

Again, the authorities are now on the brink of fraud and fraud involving the cryptocurrency lender Hodlnaut that has been hidden for truth several month back. This turns out After the collapse of the Terra ecosystem, Hodlnaut was exposed to the collapse of the USTC for almost three months. However, the lender fell victim to the liquidity crisis, which forced the company to seek legal management, and the court appointed a new interim CEO for the company.

At the time, the company said it had no exposure to the algorithmic Terra stablecoin USTC, but data showed cryptocurrency lenders held more than $130 million worth of USTC. This issue has not been resolved and the lenders still said they have no exposure to Terra, I don't know why they are lying to keep their business.

But in October, the court presented more evidence that the data stored on the chain was accurate, leading the company to destroy thousands of documents related to its investments to hide its level of risk.

Later the cryptocurrency lending platform showed the first symptoms of trouble on August 8 when it temporarily halted withdrawals on the site, citing a lack of liquidity, but nothing better than to tell the truth. Hodlnaut has delayed the truth for three months and several complaints have been filed against the platform since August to November. As a result of these complaints, Singapore police have opened an investigation into the founders of the exchange. Therefore, the investors affected by Hodlnaut now had to file a complaint online by presenting their verified proof of the transaction with the platform.

Now that the Singapore police have launch an online complaint that no one can tamper with, all complaints against the company will go directly to the authorities without addition or deletion, revealing what Hodlnaut has been trying to keep for months.

I hope the state authorities will held the founder for this when the truth is revealed.

Thank you for your attention ๐Ÿ’ž๐Ÿ’–

Image source:coinscreed

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