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The struggling cryptocurrency exchange Hodlnaut is the subject of an inquiry by Singapore authorities. In a press release on November 23, the Singapore Police Force (SPF) stated that the corporation and its directors are being investigated by the police department's white-collar section for charges of cheating and deception.
Singapore Received Allegations Against Hodlnaut
The inquiry report is the newest setback for the ailing Singaporean exchange among the several cryptocurrency businesses that were impacted by the market correction earlier this year. SPF received many allegations from August to November 2022 indicating that the cryptocurrency exchange and its executives had misrepresented the company's exposure to a specific digital coin. Anyone who has deposited digital tokens with the cryptocurrency exchange and suspects they may have been cheated, including through Hodlnaut's fraudulent statements, can contact the police online or at their local neighborhood police station. It is advised that they offer documentation about their dealings with the cryptocurrency exchange, including copies of any pertinent communication with the platform as well as records of payments paid to and received from Hodlnaut.