24/7 Cryptocurrency News

This Singapore-based Crypto Lender Faces Investigation for Possible Fraud

Crypto lender Hodlnaut has come under the lens of Singapore's invesigative agencies over reports of fraud and cheating
Published by
This Singapore-based Crypto Lender Faces Investigation for Possible Fraud

Another crypto lender, now based out of Singapore, is in major trouble. As per the latest development, Singapore Police is now investigating crypto lender Hodlnaut Pte on charges of fraud and cheating.

Alike other players in the market, the beleaguered crypto lender’s operations have come under stress this crypto winter. Hodlnaut has reportedly lost $190 million with the crash of the Terra ecosystem earlier this year.

The police said that the probe started on Wednesday, November 23, with multiple reports alleging “false representations relating to the company’s exposure to a certain digital token”. Hodlnaut halted withdrawals on its platform earlier this year in August and has received protection from the creditors.

As said, Hodlnaut is among those crypto lenders which faced major stress in its operations after the collapse of the TerraUSD ecosystem. Previously, Hodlnaut confirmed that there are “pending proceedings” with the police.

The court has appointed interim judicial managers for Hodlnaut who published a report last month stating that the firm had downplayed its exposure to the collapsed Terra ecosystem.

Tighter Regulatory Rules In Singapore

Singapore regulators have been tightening their grip on the nation’s crypto sector recently. This happened with the implosion of the Singapore-based Terra ecosystem which spread like a contagion across the crypto space.

Last month, the Monetary Authority of Singapore proposed a regulatory framework for reducing investors’ risk in crypto trading. The MAS bans retail investors from using credit cards and borrowing funds for crypto trading.

As Singapore tries to drift away from its crypto-friendly status, Hong Kong seems to capture this opportunity. As per reports, Hong Kong is likely to resume crypto trading in the country. Amid the shifting dynamics of Asia’s crypto industry, Hong Kong might take away some business from Singapore.

However, MAS chief Ravi Menon has made it clear noting:

“We don’t set ourselves out to compete with other jurisdictions, especially on regulation. We have to do what is right for us, what is necessary to contain the risks. And the risks are primarily harm to retail investors.”

Advertisement

Share
Bhushan Akolkar

Bhushan is a seasoned crypto writer with over eight years of experience spanning more than 10,000 contributions across multiple platforms like CoinGape, CoinSpeaker, Bitcoinist, Crypto News Flash, and others. Being a Fintech enthusiast, he loves reporting across Crypto, Blockchain, DeFi, Global Macros with a keen understanding in financial markets. 

He is committed to continuous learning and stays motivated by sharing the knowledge he acquires. In his free time, Bhushan enjoys reading thriller fiction novels and occasionally explores his culinary skills. Bhushan has a bachelors degree in electronics engineering, however, his interest in finance and economics drives him to crypto and blockchain.

Published by
Why trust CoinGape: CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journalists and analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.

Recent Posts

  • 24/7 Cryptocurrency News

Breaking: Metaplanet Expands Treasury With 5,268 BTC Purchase, Climbs to 4th Largest Holder

Metaplanet has expanded its Bitcoin portfolio with another purchase. The Tokyo-listed firm is now the…

October 1, 2025
  • Bitcoin News

BREAKING: Nasdaq Files with US SEC to List BlackRock Bitcoin Premium Income ETF

Nasdaq has officially filed to list and trade BlackRock iShares Bitcoin Premium Income ETF with…

October 1, 2025
  • 24/7 Cryptocurrency News

Mr Beast, Whales Buy ASTER Token Amid 20% Crash, What’s Next?

While the ASTER token has crashed 20% in the last 24 hours, to test the…

October 1, 2025
  • 24/7 Cryptocurrency News

Breaking: U.S. Government Shuts Down After Congress Fails to Pass Funding Bill

The U.S government has entered its first shutdown since 2019 after lawmakers failed to reach…

October 1, 2025
  • 24/7 Cryptocurrency News

Breaking: BNB Chain Account Hacked With Founder CZ Shown Promoting Meme Coin

The official X account BNB Chain has been compromised, with recent posts promoting a meme…

October 1, 2025
  • 24/7 Cryptocurrency News

Trump’s Thumzup Media Boost Dogecoin Mining Fleet, Pumps $2.5M Into DogeHash

Trump-backed Thumzup Media has invested $2.5 million in DogeHash Technologies. This is in a bid…

October 1, 2025