Claim BonusBreaking: Singapore Probing Do Kwon’s Terra, Major Disruptions In LUNA Projects And Price ?
Singapore Police on Monday said they have started investigating Terraform Labs Pte, the company co-founded by South Korean citizen Do Kwon. Singapore-based Terraform Labs is currently functional with the number of projects growing continuously.
According to a Bloomberg report on March 6, the Singapore Police in an email stated that an investigation related to Terraform Labs has started. Investigations into other relations to Terra are ongoing. However, the police also clarify that Terra’s co-founder Do Kwon is not in Singapore.
South Korean prosecutors issued an arrest warrant against Do Kwon when he was in Singapore. However, the Singapore Police revealed that Do Kwon left the city-state days ago. Since then, prosecutors have tracked Do Kwon to Dubai and Serbia, but weren’t able to find details on his whereabouts.
In February, the U.S. Securities and Exchange Commission (SEC) filed a lawsuit against Terraform Labs and its co-founder Do Kwon for securities fraud involving Terra (LUNA) and Terra’s algorithmic stablecoin TerraUSD (UST). The SEC complaint also revealed that TFL and Do Kwon secretly transferred over 10,000 BTC out of the company and converted some tokens into cash via a Swiss bank.
Will Plans of Do Kwon’s Terra Be Impacted?
Despite Do Kwon’s absence from the leadership, the Terra ecosystem continues to expand with the latest projects including the Alliance, an open-source Cosmos SDK module leveraging interchain staking to form economic alliances among blockchains.
Terra has also reformed its Terra Station wallet to interchain Station, adding cross-chain capabilities. According to Jared from TFL, mainnet chain support on Station expanded to 12 blockchains.
Meanwhile, Terra (LUNA) price is trading at $1.52, down 2% in the last 24 hours and 12% in a week. The 24-hour low and high are $1.50 and $1.55, respectively.
Also Read: Elon Musk Fined Over Twitter Acquisition By Turkey’s Competition Board
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more… to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Delivered every day.
- Insights that move markets
- 100,000 active subscribers
Related Articles
- Aster DEX Review – Is It Safe and Legitimate?
- XRP News: Ripple Secures First EMI License in Luxembourg to Boost Payments in Europe
- Top 3 Reasons Why XRP Price Is Surging Today
- Bitcoin Price Reclaims $96K as Bitwise CIO Predicts “Parabolic” Run From BTC ETF Flows
- Germany’s DZ Bank Gets MiCAR Approval to Offer Institutional Bitcoin, Cardano Trading
- Top 3 Meme Coins Price Prediction: PEPE, Dogecoin, and Shiba Inu as 8% Market Boost Fuels Growth
- Standard Chartered Predicts Ethereum Price could reach $40,000 by 2030
- Bitcoin Price Eyes $100k as Core US Inflation Slips Ahead of CLARITY Act Markup
- Why Is MSTR Stock Price Down Despite Recent Bitcoin Purchase
- Pi Coin Price Prediction: How Mainnet Migration and New Tokens Supply Could Affect Pi Network?
- Crypto Stocks To Watch: MSTR, Metaplanet, and S&P 500 price
