Terraform Labs, the company co-founded by Do Kwon which is also behind the collapsed Terra ecosystem, is facing fresh investigations from the Singaporean police.
Singapore probes Terraform Labs
According to Bloomberg on March 6, 2023, the Singaporean police said via an email that investigations relating to Terraform Labs have started. However, details about the nature of the investigation has not been made public.
Part of the email said “investigations have commenced in relation to Terraform Labs.”
The latest development comes shortly after the U.S. Securities and Exchange Commission (SEC) in Febuary 2023 filed charges against Terraform Labs and CEO Do Kwon accusing them of securities fraud.
South Korean authorities have been conducting a series of comprehensive investigations on and carried out enforcement actions against Terraform Labs, employees, and Do Kwon, following the fall of the Terra ecosystem.
In South Korea, Terraform Labs and its staff are being investigated for charges including money laundering and tax evasion.
Also, South Korea has been trying to track down Kwon’s location, as he is reportedly on the run. In September 2022, the country’s prosecutors issued a warrant or arrest against the Terraform Labs co-founder, who later said that he was not hiding.
In December 2022, South Korean authorities traveled to Serbia in an effort to hunt down Kwon. Meanwhile, the recent email from Singaporean police said that Kwon is not in the city-state.
Source: https://crypto.news/singapore-investigating-do-kwons-terraform-labs/