Singaporean local authorities have started investigations around Do Kwon’s Terraform Labs, as stated by Cointelegraph.
According to Cointelegraph, on March 6, 2023, Singaporean police stated that “investigations have commenced in relation to Terraform Labs.” It is believed that inquiries are “ongoing,” and Do Kwon is reportedly absent from the city-state.
Based on information by Cointelegraph, on February 16, 2023, United States Securities and Exchange Commission (SEC) blamed Kwon and Terraform Labs of fraud in a new lawsuit. Reportedly, industry-based lawyers have termed SEC’s comparisons of assets “wild.” Insights from the SEC probe found that Kwon relocated nearly 10,000 Bitcoin from Terra platform and Luna Foundation Guard, which got subjected to fiat conversion. Sources suggest that Kwon has laundered almost more that $100 million worth of Bitcoin since initial collapse of the platform.
Moreover, Cointelegraph noted that in May, 2022, Terra USD (UST) stablecoin made a loss of its peg to US dollar. Previously, South Korean authorities have investigated Terraform Labs, where a warrant was drafted for Kwon’s arrest. South Korean police even travelled to Serbia to find Kwon.
(With insights from Cointelegraph)