Public attention has been drawn to a recent investigation by the Singapore authorities against Terraform Laboratories for potential fraud. For instance, a Twitter user advises that Sam Bankman-Fried, the founder of FTX, and Do Kwon, the co-founder of Terraform Laboratories, be housed in the same cell.
This was highlighted in a Monday Bloomberg piece, which also noted that the Singapore authorities had begun looking into Terraform Laboratories. The statement further said that the investigations are ongoing.
Most significantly, the investigation is a part of a larger effort to combat fraud in the cryptocurrency sector. Experts claim that in recent months, this has come under more regulatory attention.
Also, given the company's CEO and founder may be charged with crimes, the inquiry has purportedly left many LUNA investors apprehensive about the future of their investments.
Do Kwon is also being prosecuted in South Korea for misplacing $60 billion in digital assets. Investors suffered enormous losses as a result of this disaster, which significantly destroyed digital assets.
There is no information available on the specifics of the accusations or the judicial processes in this instance. Yet, it is clear that Kwon is dealing with serious legal issues in both Singapore and South Korea, and these accusations might have serious repercussions.
