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Wednesday, March 29, 2023

Singapore police have begun probing crypto fugitive Do Kwon’s Terraform Labs

Singapore police said they have begun a probe linked to Terraform Labs Pte, the company co-founded by crypto fugitive Do Kwon.

In an emailed statement on Monday, the force said “investigations have commenced in relation to Terraform Labs” and added the inquiries are “ongoing”. It also said Kwon isn’t currently in the city state.

Terraform Labs didn’t immediately reply to a request for comment.

The US Securities & Exchange Commission last month accused Kwon and Terraform Labs of fraud. Kwon also faces charges in his native South Korea over the $60 billion wipeout of digital assets that he created. 

The 31-year-old developed the TerraUSD stablecoin, which was meant to have a constant $1 value via a mix of algorithms and trader incentives involving a sister token, Luna. The edifice blew up in May 2022, exacerbating a crypto-market rout and contributing…

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