Singapore introduces an investigation against Terraform Labs (report)

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Singapurs Strafverfolgungsbehörden haben Berichten zufolge eine Untersuchung gegen Terraform Labs eingeleitet – das berüchtigte Blockchain-Projekt, das vom Krypto-Flüchtling Do Kwon mitbegründet wurde. Die Behörden schätzten auch, dass sich der 31-jährige Entwickler nicht in dem Stadtstaat versteckt. Das Neueste, das mit dem Finger auf Terraform Labs zeigt In einer E-Mail-Ankündigung von Bloomberg, der Polizei von Singapur angegeben„Ermittlungen in Bezug auf Terraform Labs haben begonnen“, und fügte hinzu, die Ermittlungen seien „andauernd“. Der Zusammenbruch des nativen Tokens der Organisation – LUNA – und seiner algorithmischen Stablecoin – UST – gehörte im vergangenen Jahr zu den dunkelsten Ereignissen in der Kryptowelt. Der Stablecoin, …
Singapore law enforcement authorities have reportedly initiated an investigation against Terraform Labs-the notorious blockchain project, which was founded by the crypto refugee do Kwon. The authorities also estimated that the 31-year-old developer did not hide in the city-state. The latest in an e-mail announcement by Bloomberg, the police from Singapore, shows the latest "Investigations in relation to Terraform Labs", and added that the investigation was "constantly". The collapse of the organization's native token - Luna - and its algorithmic stable coin - VAT - was one of the darkest events in the cryptowelt last year. The stable coin, ... (Symbolbild/KNAT)

Singapore law enforcement authorities have reportedly initiated an investigation against Terraform Labs-the notorious blockchain project, which was founded by the crypto refugee do Kwon.

The authorities also estimated that the 31-year-old developer did not hide in the city state.

The latest that shows

with his finger on Terraform Labs

In an email announcement by Bloomberg, the police of Singapore specified "Investigations in Labs have started, and added that the investigation was "Constantly".

The collapse of the native tokens of the organization-Luna-Luna-and its algorithmic stable coin-VAT-was one of the darkest events in the crypto world last year. The stable coin, which was supposed to have a fixed rating of $ 1, lost its bond with the Greenback in May 2022 and plunged far below its target.

Investors recognized the turbulence and began to sell their VAT reserves massively. As a result, more luna was shaped to stabilize free fall, which significantly increased coin's offer. Finally, both assets have practically lost their entire value within a few days, which led to losses of several billion investors and a broad decline in markets that were reverberating for months.

failed investors and numerous institutions accused Do Kwon-co-founder of Terraform Labs-to play a role in the collapse. However, he hesitated to cooperate and allegedly left South Korea to avoid the consequences of his alleged fraud.

According to several sources, he has often changed his hiding places in the past few months, with Russia, Dubai, Singapore and the Seychelles being some of the possible goals. The Singaporian law enforcement authorities announced in the email that he is currently not within the borders of the Asian city state.

The latest reports indicated that his current location could be Serbia. As a cryptopotato , a delegation of South Korean authorities under the direction of a high-ranking civil servant of the Ministry of Justice visited to search for Kwon hunted from the international criminal police organization (better known as Interpol).

The allegation of the Sec

The US Securities and Exchange Commission (sec) recently accused terraform Labs and a gigantic fraud to Orchestration by offering and selling not registered securities by using digital currencies. The agency suggested that the program caused colossal financial losses for private and institutional investors.

The Labs Terraform also accused of having made false claims and promises that a partnership with a Korean mobile payment was received. Instead, Kwon led investors to skim off their funds and use them later for personal advantage.

South Korean officials carried out a special examination against him last summer. claim He gave family members token to avoid tax rules. These assets were allegedly used to buy real estate.

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