Singapore Authorities Launch Investigation Into Terraform Labs

• The Singapore Police had informed the public through email about the investigation.
• The South Korean government filed an arrest warrant for Do Kwon while he was in Singapore.

On Monday, authorities in Singapore announced that they had opened an investigation into Terraform Labs Pte, the firm co-founded by South Korean national Do Kwon. Terraform Labs is now operational in Singapore, with the number of active projects rising steadily.

On March 6, Bloomberg reported that the Singapore Police had informed the public through email that they had begun investigating Terraform Labs. The search for further links to Terra continues. The police also state, however, that Terra co-founder Do Kwon is not currently in Singapore.

Lookout For Do Kwon Still Under Progress

The South Korean government filed an arrest warrant for Do Kwon while he was in Singapore. Nevertheless, it was recently discovered by the Singapore Police that Do Kwon had already departed the country. Prosecutors have followed Do Kwon’s trail to Dubai and Serbia since then, but have been unable to uncover any information regarding his presence there.

U.S. Securities and Exchange Commission (SEC) filed a complaint against Terraform Labs and its co-founder Do Kwon in February, accusing them of securities fraud relating to Terra (LUNA) and Terra’s algorithmic stablecoin TerraUSD (UST). According to the SEC complaint, TFL and Do Kwon covertly changed certain tokens into cash at a Swiss bank and removed more than 10,000 Bitcoin from the firm.

Although Do Kwon is no longer at the helm, the Terra ecosystem is thriving because of new initiatives like the Alliance, which is an open-source Cosmos SDK plugin that uses interchain staking to forge economic coalitions across blockchains.

With the rebranding of Terra Station to interchain Station, it has now introduced cross-chain functionality to its wallet. Do Kwon has no dealings with the Terra ecosystem anymore.