The founder of Terraform Labs, Do Kwon, is currently on the run from authorities around the world, as his legal woes deepen.
The Singapore Police have launched an investigation into Terraform Labs, a Singapore-registered company, and its founder. This news comes after Kwon has been facing allegations from regulatory authorities worldwide.
The US Securities and Exchange Commission (SEC) has charged Kwon with orchestrating a multi-billion dollar crypto asset securities fraud.
In addition, Interpol has issued a red notice for his arrest, making him an international wanted person. These charges have been made in connection to the collapse of Terraform Labs in May 2022, which triggered a crypto winter that wiped off more than $1.5 trillion in market capitalization.
Kwon’s location remains unknown, with reports suggesting that he is hiding in Serbia. The Seoul police have also issued an arrest warrant against Kwon, and he has been missing since September.
The ongoing investigation by the Singapore Police is a significant development in the case against Kwon and Terraform Labs. It remains to be seen what the outcome of the inquiry will be and how it will impact the wider crypto community.
However, this news underscores the need for regulatory authorities worldwide to remain vigilant and take swift action against fraudulent activities in the crypto space.
The crypto market has seen explosive growth in recent years, attracting investors from all over the world. However, this growth has also attracted the attention of fraudsters who seek to take advantage of the lack of regulation in the industry.
As such, it is crucial for regulators to act swiftly and decisively to protect investors and promote the growth of a sustainable and trustworthy crypto ecosystem.
