KPMG resigns as Singapore blockchain firm’s auditor after hedge fund’s damning report

Quick Take

  • Triterras was merged into a SPAC in November 2020.
  • A hedge fund has alleged that a small number of connected parties are responsible for the bulk of the blockchain firm’s transactions.

KPMG has resigned as the auditor of Singapore-based fintech firm Triterras, a trade finance and blockchain specialist that went public last year by merging with a Special Purpose Acquisition Company (SPAC).

The resignation came less than a week after Phase 2 Partners, a US hedge fund, published a damning report claiming that at least 75% of transactions on Triterras’ platform can be traced back to executives at the company. Triterras's shares have fallen from roughly $11 to $8 since the report was published, giving it a market capitalization of $678 million. 

A Triter