Mar 07, 2023

Singapore Police Launch Probe Into Do Kwon’s Terraform Labs

Singaporean authorities have launched an investigation into Do Kwon and his company, Terraform Labs, after the United States Securities and Exchange Commission (SEC) accused the entrepreneur of fraud.

The Singaporean police sent an email on March 6, which stated that investigations had commenced in relation to Terraform Labs and that the enquiries were ongoing. Do Kwon is currently not in the city-state.

The SEC’s lawsuit has caused a stir in the crypto space, with some voices criticizing the move as a way for the SEC to target stablecoins in the future. Legal experts in the industry have even called the SEC’s comparisons of assets “wild”.

The SEC’s probe uncovered that Kwon had removed around 10,000 Bitcoin (BTC) from the Terra platform and the Luna Foundation Guard, which he eventually converted to fiat. The SEC alleges Kwon has laundered over $100 million worth of Bitcoin since the initial collapse of the platform.

Do Kwon has yet to comment on the allegations. The Terraform Labs co-founder has been active on social media throughout the scandal, but he has not tweeted since the beginning of February.

The saga began in May 2022 when the Terra USD (UST) stablecoin lost its peg to the U.S. dollar, resulting in a major implosion in the digital asset market with losses of nearly $40 billion.

In response to the collapse, South Korean authorities issued a warrant for Kwon’s arrest. Police in South Korea even traveled to Serbia in their efforts to locate Kwon.

On Feb. 15, South Korean prosecutors requested a warrant to arrest a local e-commerce executive who they accused of accepting Terra (LUNA) for promotion of Terra Labs.

The Terraform Labs scandal has brought the concept of NFTs and crypto marketing into the spotlight. As the world of web3 continues to expand, NFTs are becoming an increasingly popular way to promote and sell digital assets.

Many companies are now turning to NFT marketing agencies to leverage the power of NFTs and crypto to boost their brand. Twitter NFT marketing is also becoming more popular, with many companies using the platform to advertise their NFTs and promote their products.

While the Terraform Labs scandal has caused a stir in the crypto space, it has also highlighted the need for companies to exercise caution when it comes to selling NFTs and investing in the web3 space. It is essential for companies to do their research and ensure they are working with a reputable NFT marketing agency and web3 agency.

Disclaimer: All investment or financial opinions expressed by MoonLanding Media are not recommendations and are intended for entertainment purposes only. Do your own research prior to making any kind of investment. This article has been generated based on trending topics, has not been fact checked and may contain incorrect information. Please verify all information before relying on it.