Singapore Police Investigate Do Kwon and Terraform Labs

03/06/2023 10:15 • NFT Newsflash • 128 views

On March 6, according to Bloomberg News, the Singapore police have launched an investigation into Do Kwon and Terraform Labs. Terraform Labs did not immediately respond to requests for comment.

Singapore police have launched an investigation into Do Kwon and Terraform Labs

Interpret the above information:

Bloomberg News recently reported that Singapore police have initiated an investigation into Do Kwon and Terraform Labs. Terraform Labs, a blockchain-based payments and financial infrastructure provider with a presence in Singapore and South Korea, has yet to comment on the matter.

The reason behind the investigation is unknown. However, it could be related to the recent turmoil caused by the controversy surrounding the Terra stablecoin. The stablecoin, which is pegged to the US dollar, has been questioned by some experts about its underlying assets and the effectiveness of the peg.

The Terra ecosystem comprises several components, including the Chai payment app, Lunar digital wallet, and Anchor protocol, which offers interest-earning deposits. Terra has raised over $25 million in funding from investors like Binance Labs, Huobi, and Polychain Capital.

Do Kwon, co-founder and CEO of Terraform Labs, is an esteemed entrepreneur and blockchain industry leader. He has received recognition for his contributions to the blockchain sector and has received numerous awards, including Forbes 30 Under 30 Asia in 2018.

The investigation could have far-reaching implications for Terraform Labs and the broader blockchain industry, given the company’s significant presence in Singapore and South Korea. As one of the most prominent blockchain companies in Asia, the outcome of the investigation will be closely watched by investors and competitors alike.

Furthermore, the investigation demonstrates the increasing scrutiny of the blockchain sector by regulatory authorities globally. Previously, several countries have initiated similar investigations involving blockchain and crypto-related companies, with varying outcomes.

In conclusion, the Singapore police investigation into Do Kwon and Terraform Labs adds to the ongoing turmoil surrounding the Terra stablecoin. We await further clarification from the authorities and hope the outcome of the investigation will be fair and transparent.

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Singapore Police Investigate Do Kwon and Terraform Labs

Singapore police have launched an investigation into Do Kwon and Terraform Labs

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