Singapore Police Probing Do Kwon's Terraform Labs: Bloomberg

Singapore police said they have started to investigate Terraform Labs, the company behind the failed terraUSD (UST) stablecoin, according to a Bloomberg report on Monday.

Police said inquiries are "ongoing" as part of their investigations "in relation to Terraform Labs," according to the report, which cited an emailed statement.

The U.S. Securities and Exchange Commission sued Terraform last month, alleging that the company and co-founder Do Kwon misled investors about UST's stability.

Kwon, who is wanted by authorities in his native South Korea, has been on the run for nearly a year, having fled for Singapore last April, before heading to Dubai and then Serbia, which is his last known location.

Singapore police have confirmed Do Kwon isn't in the city-state.

The collapse of TerraUSD last year led to a wave of bankruptcies in the crypto industry, including those of hedge fund Three Arrows Capital and crypto lenders Voyager Digital and Celsius Network.

Neither Singapore's police nor Terraform Labs immediately responded to requests for comment.

Read more: The SEC's Stablecoin Hammer, Courtesy Terraform Labs and Do Kwon