Singapore has launched a probe into the Hodlnaut crypto lender to investigate its operations. The Commercial Affairs Department (CAD) from Singapore is now probing if Hodlnaut has been indulging in cheating and fraudulent activities. As per the law enforcement authorities, between August and November, several reports had claimed that Hodlnaut and its directors had made ‘false representations’ about the lender’s exposure to a particular digital token. The CAD is Singapore’s white-collar crime investigation unit.
The token in question remains unnamed. It reportedly refers to the USTC crypto token that was developed by Terra which collapsed quite dramatically earlier this year in May.
Following Terra’s collapse, Holdnaut had lost nearly $190 million (roughly Rs. 1,550 crore) that left its accounts high and dry.
In August, Hodlnaut had to freeze withdrawals from its platform to save its business from shutting down.
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