Singapore Probes Do Kwon’s Terra, Major Fall In LUNA Price ?

Singapore Police on Monday said they have started investigating Terraform Labs Pte, the company co-founded by South Korean citizen Do Kwon. Singapore-based Terraform Labs is currently functional with the number of projects growing continuously.

According to a Bloomberg report on March 6, the Singapore Police in an email stated that an investigation related to Terraform Labs has started. Investigations into other relations to Terra are ongoing. However, the police also clarify that Terra’s co-founder Do Kwon is not in Singapore.

South Korean prosecutors issued an arrest warrant against Do Kwon when he was in Singapore. However, the Singapore Police revealed that Do Kwon left the city-state days ago. Since then, prosecutors have tracked Do Kwon to Dubai and Serbia, but weren’t able to find details on his whereabouts.

In February, the U.S. Securities and Exchange Commission (SEC) filed a lawsuit against Terraform Labs and its co-founder Do Kwon for securities fraud involving Terra (LUNA) and Terra’s algorithmic stablecoin TerraUSD (UST). The SEC complaint also revealed that TFL and Do Kwon secretly transferred over 10,000 BTC out of the company and converted some tokens into cash via a Swiss bank.

 Will Plans of Do Kwon’s Terra Be Impacted?

Despite Do Kwon’s absence from the leadership, the Terra ecosystem continues to expand with the latest projects including the Alliance, an open-source Cosmos SDK module leveraging interchain staking to form economic alliances among blockchains.

Terra has also reformed its Terra Station wallet to interchain Station, adding cross-chain capabilities. According to Jared from TFL, mainnet chain support on Station expanded to 12 blockchains.

Meanwhile, Terra (LUNA) price is trading at $1.52, down 2% in the last 24 hours and 12% in a week. The 24-hour low and high are $1.50 and $1.55, respectively.

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Varinder is a Technical Writer and Editor, Technology Enthusiast, and Analytical Thinker. Fascinated by Disruptive Technologies, he has shared his knowledge about Blockchain, Cryptocurrencies, Artificial Intelligence, and the Internet of Things. He has been associated with the blockchain and cryptocurrency industry for a substantial period and is currently covering all the latest updates and developments in the crypto industry.

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