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), as reported by The Block. 

The resignation came less than a week after Phase 2 Partners, a US hedge fund, published a 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.

Triterras claimed the report was inaccurate and said it was part of an attempt by short sellers to “manipulate the market for Triterras stock for their own financial gain”

Triterras runs a commodity trading platform named Kratos, which uses the Ethereum blockchain to execute trades. Phase 2 Partners based much of its report on an analysis of Ethereum blockchain data.

By Emily Mason