Singapore Investigates Do Kwon’s Terraform Labs Amid Ongoing SEC Shade

Singapore’s Response to Terraform Labs Controversy

Local authorities in Singapore have jumped into the fray by announcing a probe into Do Kwon’s Terraform Labs, further thickening the plot of this financial thriller. According to a reporting juggernaut, an email from the Singaporean police aptly noted, ‘investigations have commenced in relation to Terraform Labs,’ and elaborated that these inquiries are very much alive and ongoing. Ironically, Do Kwon isn’t now residing in this innovative city-state—perhaps he’s off enjoying a la dolce vita somewhere sunny.

Fraud Allegations from the SEC

Just last month, the U.S. Securities and Exchange Commission (SEC) decided to put on their detective hats and accused Kwon and Terraform Labs of fraud. Talk about dramatic timing! Some voices in the crypto realm have rolled their eyes at the SEC’s moves, suggesting it’s a strategic attack on stablecoins. Legal eagles have even branded the SEC’s asset comparisons as ‘wild’—although ‘wild’ is often an understatement in the world of crypto.

Mysterious Movements of Bitcoin

Amidst all this, the SEC’s probe revealed that Kwon allegedly whisked away around 10,000 Bitcoin (BTC) from both the Terra platform and the Luna Foundation Guard, converting it into fiat. In total, the SEC claims he’s been laundering over $100 million worth of Bitcoin since the spectacular demise of the platform. And here we thought our relatives were the only ones ‘laundering’ money erratically during family gatherings.

A Social Media Silence

Despite the swirling accusations, Kwon has remained tight-lipped, making zero comments on the unfolding drama. He has, however, been surprisingly active on social media throughout the scandal… until he wasn’t. His Twitter account has been dead quiet since early February—maybe his accounts got haunted or he just decided to take a detox from all the drama.

The Ripple Effect of Terra’s Collapse

The story of Terraform Labs dates all the way back to May 2022, when the Terra USD (UST) stablecoin dramatically lost its grip on the U.S. dollar, prompting a cataclysmic collapse that rocked the digital asset market with close to $40 billion in losses. Talk about a bad hair day! As if that wasn’t enough, authorities in South Korea have also been keen to catch up with Kwon, issuing warrants for his arrest. South Korean police have even embarked on international escapades, traveling to Serbia in hot pursuit of Kwon. On February 15, a local e-commerce executive got swept into the drama, also facing arrest for allegedly promoting Kwon’s Terra Labs. It seems no one is safe from the tentacles of this financial saga!