coinedition.com
A recent investigation by the Singapore police into Terraform Labs, a blockchain infrastructure provider, for alleged fraud has caught the public’s attention. For instance, a Twitter user suggests that Do Kwon, the co-founder of Terraform Labs, should be put in the same cell as Sam Bankman-Fried (SBF), founder of FTX, a crypto exchange.
Bloomberg reported this on Monday highlighting that the Singapore police force has started investigating Terraform Labs. The statement also mentioned that the inquiries are still in progress.
Most importantly, the probe is part of a broader crackdown on fraudulent activities in the crypto industry. According to experts, this has seen increased regulatory scrutiny in recent months.
Additionally, the investigation has allegedly left many investors in Terraform Labs’ crypto, LUNA, uncertain about the future of their investments, as the company’s founder and CEO face potential criminal charges.
Do Kwon is also facing charges in South Korea for losing digital assets worth $60 billion. This incident caused a significant wipe-out of digital assets, resulting in severe losses for investors.
The exact nature of the charges and the legal proceedings related to this case is not specified. However, it is evident that Kwon is facing significant legal troubles in both Singapore and South Korea, and the consequences of these charges may be severe.
Notably, Kwon has been criticized for his behavior on social media amid ongoing investigations and legal proceedings against him. Last year, Kwon used Twitter to make light of his situation, even trolling law enforcement officials and posting a picture of a gun with the words “pew pew.”