Last Updated on March 6, 2023 by Bitfinsider
Singapore officials declared the start of an investigation into Do Kwon’s Terraform Labs.
According to Bloomberg, Singaporean authorities sent an email on March 6 stating that “investigations into Terraform Labs have begun.” According to the email, the queries are “ongoing,” and Do Kwon is not presently in the city-state.
In a fresh complaint filed last month, the United States Securities and Exchange Commission (SEC) charged Kwon and Terraform Labs of fraud.
Some in the cryptocurrency community have criticized the case as a means for the SEC to go after stablecoins in future litigation. Lawyers in the business have even referred to the SEC’s asset assessments as “crazy.”
Meanwhile, the SEC investigation revealed that Kwon withdrew approximately 10,000 Bitcoin from the Terra platform and the Luna Foundation Guard, which he later changed to fiat. The SEC claims that Kwon has laundered more than $100 million in Bitcoin since the platform’s original failure.
Throughout the controversy, the Terraform Labs co-founder has been busy on social media. He hasn’t tweeted since the beginning of February, though.
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