Investigations into the company issuing the stablecoin TerraUSD (UST), Terraform Labs, don’t seem to stop since the collapse of Terra (LUNA)! According to the latest reports, Do Kwon would still be untraceable in Singapore despite his claims, while singapore police launched an investigation into his company Terraform Labs. It was via an email sent that the police said that investigations into the fugitive are ongoing and that “investigations have begun regarding Terraform Labs“.
The investigation opened against Do Kwon on the run
In an emailed statement on Monday, March 6, Singapore Police said that “investigations have begun regarding Terraform Labs” and that these are currently “in progress“. It was also made official that Do Kwon was not currently in the city-state. Although Terraform Labs be registered at Singapore, the location of the founder is unknown. In December last year, the South Korean authorities estimated that Kwon was hiding in Serbia. In addition to various allegations from regulators around the world, last month the Securities and Exchange Commission (DRY) of the United States accused Kwon having “orchestrated a multi-billion dollar crypto asset securities fraud. Interpol also served him his famous Red Notice, “red notice”, an international wanted person notice.
This means that governments are expected to locate and provisionally arrest a person pending extradition, surrender or stock in similar court. The Collapse of Terraform Labs in May 2022 pushed the crypto into a winter that wiped out over $1.5 trillion from capitalization stock market. After the Terra ecosystem collapsed, Seoul police issued a arrest warrant against Do Kwon, missing since September. The 31-year-old entrepreneur had developed THE stablecoin UST (TerraUSD)which was supposed to have a constant value of $1 via a mixture of algorithms and incentives involving another token, Luna. The building exploded in flight in May 2022, ruining many investors.
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