Media: Singapore Police Investigate Hodlnaut Crypto Lending Service

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According to Singaporean media, the police of the city-state is checking the activities of the credit service Hodlnaut in response to numerous customer complaints.

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It is reported that the police are studying the papers of the company and will interrogate the management of the service. The police suspect Hodlnaut of fraud and deception of users. Most of the complaints indicate that the company provided false reporting and reported false data on investments in certain tokens.

The police called on all those affected by the activities of the service to file a complaint and provide documents on transactions on the platform.

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Recall that the Hodlnaut company suspended operations for withdrawing funds and accepting deposits back in August, citing liquidity problems. The site’s problems are related to investments in the UST stablecoin of the collapsed Terra ecosystem, although the management stated that there were no investments in the ecosystem. The company lost $190 million and it looks like the management tried to rectify the situation, but failed to do so.

Source: Bits

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