Singapore Starts Fraud Investigation In to Crypto Exchange Hodlnaut: Reports

Singapore police have started an investigation into troubled crypto exchange Holdnaut, according to multiple reports.

The white collar division of the police force is looking into allegations of cheating and fraud by the company and its directors, according to reports.

The investigation report is the latest blow for the troubled Singapore-based exchange, which was one of the many crypto firms that was hit by the crypto downturn earlier this year.

Earlier this month, the exchange had revealed that it has over SGD 18.3 million ($13.3 million) worth of crypto stuck in the defunct exchange FTX, dealing a further blow to its recovery process.

Holdnaut had frozen withdrawals in August, after reportedly losing close to $189.7 million due to the collapse of the Terra ecosystem.

Holdnaut did not immediately respond to CoinDesk's request for comment.

Read more: Troubled Crypto Lender Hodlnaut Had $13M on FTX Before Withdrawal Freeze