Hodlnaut Crypto Lender Below Scanner in Singapore, Being Probed for Fraud

Singapore has launched a probe into the Hodlnaut crypto lender to research its operations. The Industrial Affairs Division (CAD) from Singapore is now probing if Hodlnaut has been indulging in dishonest and fraudulent actions. As per the regulation enforcement authorities, between August and November, a number of reviews had claimed that Hodlnaut and its administrators had made ‘false representations’ concerning the lender’s publicity to a specific digital token. The CAD is Singapore’s white-collar crime investigation unit.

The token in query stays unnamed. It reportedly refers back to the USTC crypto token that was developed by Terra which collapsed fairly dramatically earlier this yr in Might.

Following Terra’s collapse, Holdnaut had misplaced almost $190 million (roughly Rs. 1,550 crore) that left its accounts excessive and dry.

In August, Hodlnaut needed to freeze withdrawals from its platform to save lots of its enterprise from shutting down.

Holdnaut, as of now, has not reacted to the event.

The collapse of the Terra ecosystem — each algorithmic stablecoin UST and sister token LUNA — triggered a large crypto sell-off resulting in a crypto winter.

Terra’s collapse additionally prompted the high-profile meltdowns of crypto lenders Celsius and Voyager, in addition to hedge fund Three Arrows Capital, and ushered much more scrutiny on crypto investing and stablecoins from regulators.

Shaktikanta Das, the governor of the Reserve Financial institution of India (RBI), had issued warnings in opposition to the experimenting within the crypto sector quickly after Terra’s collapse.

“This [crypto] is one thing whose underlying [value] is nothing. There are huge questions on how do you regulate it. Our place stays very clear, it’ll significantly undermine the financial, monetary, and macroeconomic stability of India,” the governor had mentioned on the time.

Available in the market actions that adopted the collapse of Terra after which FTX crypto exchange this month, over $200 billion (roughly Rs. 16,30,000 crore) had been wiped off from the market, leaving the worldwide crypto valuation at the moment at $828 billion (roughly Rs. 67,48,800 crore).

A number of crypto corporations together with Lemon Cash, Genesis and Vauld needed to lay off their staff to maintain their respective companies.

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