Terraform Labs Faces Legal Action As Singapore Police Launch Fraud Investigation
Key Points:
- Singapore police investigating Terraform Labs Pte, co-founded by crypto fugitive Do Kwon.
- Terraform Labs was accused of fraud by the US Securities & Exchange Commission, and Kwon is facing charges in South Korea.
Singapore police are currently investigating Terraform Labs Pte, the company co-founded by Do Kwon, a crypto fugitive. The police force released a statement on Monday stating that investigations into Terraform Labs are underway, with Kwon currently not present in Singapore, as per Bloomberg.
Last month, the US Securities & Exchange Commission accused Kwon and Terraform Labs of fraud. Kwon is also facing charges in South Korea in relation to the $60 billion loss of digital assets he created.
Kwon was responsible for the development of the TerraUSD stablecoin, which was intended to maintain a constant value of $1 through a combination of algorithms and trader incentives with a sister token, Luna. The project collapsed in May 2022, which exacerbated a crypto-market downturn and contributed to the collapse of various digital-asset companies.
After South Korea issued an arrest warrant for Kwon, his whereabouts became unclear, and he left Singapore, where Terraform Labs was headquartered. According to South Korea, Kwon is the subject of an Interpol red notice and has previously denied any wrongdoing.
In a related development, the US SEC has alleged in its lawsuit that Kwon and Terraform Labs transferred over 10,000 Bitcoin out of their doomed project and converted some of the tokens into cash using a Swiss bank.
Despite being active on Twitter in the past, Kwon hasn’t tweeted since February 1. He previously mocked the situation surrounding him, poking fun at the “cops” and posting a picture of a gun with the words “pew pew.”
In summary, the Singapore police are investigating Terraform, and Kwon is wanted in South Korea in connection with a significant digital-asset loss. The SEC has also accused Kwon and Terraform Labs of fraud, and Kwon’s whereabouts are unknown.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
Join us to keep track of news: https://linktr.ee/coincu
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Terraform Labs Faces Legal Action As Singapore Police Launch Fraud Investigation
Key Points:
- Singapore police investigating Terraform Labs Pte, co-founded by crypto fugitive Do Kwon.
- Terraform Labs was accused of fraud by the US Securities & Exchange Commission, and Kwon is facing charges in South Korea.
Singapore police are currently investigating Terraform Labs Pte, the company co-founded by Do Kwon, a crypto fugitive. The police force released a statement on Monday stating that investigations into Terraform Labs are underway, with Kwon currently not present in Singapore, as per Bloomberg.
Last month, the US Securities & Exchange Commission accused Kwon and Terraform Labs of fraud. Kwon is also facing charges in South Korea in relation to the $60 billion loss of digital assets he created.
Kwon was responsible for the development of the TerraUSD stablecoin, which was intended to maintain a constant value of $1 through a combination of algorithms and trader incentives with a sister token, Luna. The project collapsed in May 2022, which exacerbated a crypto-market downturn and contributed to the collapse of various digital-asset companies.
After South Korea issued an arrest warrant for Kwon, his whereabouts became unclear, and he left Singapore, where Terraform Labs was headquartered. According to South Korea, Kwon is the subject of an Interpol red notice and has previously denied any wrongdoing.
In a related development, the US SEC has alleged in its lawsuit that Kwon and Terraform Labs transferred over 10,000 Bitcoin out of their doomed project and converted some of the tokens into cash using a Swiss bank.
Despite being active on Twitter in the past, Kwon hasn’t tweeted since February 1. He previously mocked the situation surrounding him, poking fun at the “cops” and posting a picture of a gun with the words “pew pew.”
In summary, the Singapore police are investigating Terraform, and Kwon is wanted in South Korea in connection with a significant digital-asset loss. The SEC has also accused Kwon and Terraform Labs of fraud, and Kwon’s whereabouts are unknown.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
Join us to keep track of news: https://linktr.ee/coincu
Thana
Coincu News
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