The authorities are investigating claims of deception and fraud by the corporation and its directors.
According to various reports, Singapore authorities have opened an inquiry into the failing cryptocurrency exchange Holdnaut.
According to sources, the white collar division of the police department is investigating claims of deceit and fraud by the corporation and its directors.
The probe report is the most recent setback for the ailing Singapore-based exchange, which was among the several crypto companies impacted by the market decline earlier this year.
Earlier this month, the exchange disclosed that it has about $13.3 million worth of cryptocurrency trapped on the collapsed exchange FTX, inflicting a significant blow to its recovery efforts.
Holdnaut apparently lost about $189.7 million owing to the collapse of the Terra environment and froze withdrawals in August.
By fLEXI tEAM