Gary Gensler Do Kwon Usa Singapore city Singapore South Korea Serbia defi regulation Police investigation Terraform Labs Terra Gary Gensler Do Kwon Usa Singapore city Singapore South Korea Serbia

Terraform Labs co-founder Do Kwon gets probed by Singaporean authorities

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Local authorities in Singapore announced they had begun a probe that is connected to Do Kwon’s Terraform Labs.According to a Bloomberg report, Singaporean police sent an email on March 6, which said, “investigations have commenced in relation to Terraform Labs.” The email also added that the inquiries are “ongoing,” and Do Kwon is not currently in the city-state.Last month, on Feb.

16, the United States Securities and Exchange Commission (SEC) accused Do Kwon and Terraform Labs of fraud in a new lawsuit.Some voices in the crypto space have criticized this lawsuit as a way for the SEC to go after stablecoins with future lawsuits.

Lawyers in the industry have even called the SEC’s comparisons of assets “wild."Meanwhile, the SEC probe uncovered that Kwon removed around 10,000 Bitcoin (BTC) from the Terra platform and the Luna Foundation Guard, which he eventually changed into fiat.

In total SEC allegations claim Kwon has laundered over $100 million worth of Bitcoin since the initial collapse of the platform.At the time of writing, Do Kwon has made no comment.

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