Singapore Launches Probe into Terraform Labs: Latest Report
Singaporean authorities have launched an investigation into Terraform Labs, the blockchain project co-founded by Do Kwon, a crypto fugitive. The authorities have estimated that Kwon is not hiding in Singapore. The collapse of Terraform Labs’ native token, LUNA, and its algorithmic stablecoin, UST, was one of the darkest events in the crypto world last year. The stablecoin, which was supposed to have a fixed $1 valuation, lost its peg against the greenback in May 2022 and plummeted below its price target. As a result, investors began selling their UST. The investigation into Terraform Labs is ongoing, according to Singapore’s police.