Singapore Authorities Investigate Terraform Labs and Do Kwon

Authorities and regulatory organizations in different parts of the world are actively searching for Do Kwon, the founder of Terraform Labs. At the same time, various investigations are being conducted against both Do Kwon and his company.

As per a recent report, Singaporean police authorities have initiated an investigation related to Do Kwon’s company. In a statement to Bloomberg, the police department stated on Monday that they have already started their investigations concerning Terraform Labs. Additionally, they clarified that the inquiries are still ongoing.

Singapore police have begun a probe related to Terraform Labs Pte, the company co-founded by crypto fugitive Do Kwon https://t.co/hPlj0LYsJ6
— Bloomberg Crypto (@crypto) March 6, 2023

Kwon Isn’t In Singapore, Says Authorities

The current location of Do Kwon, the founder of Terraform Labs, is still uncertain, and there are frequent discussions and debates about his whereabouts. Recently, he has been reported to have relocated from Singapore to Dubai and Serbia. According to a recent report from Bloomberg, the authorities have confirmed that Kwon is not presently in Singapore, and therefore Singapore is ruled out as his current location.

Serbia is considered Do Kwon’s last known location, and South Korean officials visited the country last month in search of the fugitive. Their objective was to seek assistance from the Serbian government in tracking down Do Kwon.

In February, the U.S. Securities and Exchange Commission (SEC) accused the head of Terraform Labs, Do Kwon, of committing fraud. The regulatory body claimed that Terraform Labs had created a crypto asset securities fraud worth billions of dollars. Per the official complaint, from April 2018 until the scheme’s collapse in May 2022, Terraform and Kwon had raised billions of dollars from investors by offering and selling a set of interconnected crypto asset securities.

Gary Gensler, the Chairman of the U.S. Securities and Exchange Commission, claimed that Terraform Labs and Do Kwon did not provide the public with complete, fair, and honest disclosure as required for a range of crypto asset securities, particularly LUNA and Terra USD.

Olasunkanmi Abudu

Olasunkanmi Abudu is a Web3 content writer with over five years of experience covering blockchain, decentralized finance, and digital assets. He specializes in producing well-researched and accessible content that explains complex technologies and market trends to both general readers and industry professionals.

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