A Bloomberg report has it that Singapore police have begun an investigation into Terraform Labs, the company behind the failed TerraUSD (UST) stablecoin.
The U.S. Securities and Exchange Commission (SEC) sued Terraform last month and alleged that the company and its co-founder Do Kwon misled investors about the UST.
Kwon is wanted by authorities in his native South Korea and has been on the run for nearly a year now. Kwon reportedly fled for Singapore last April before heading to Dubai and then Serbia, which is his last known location.
The collapse of TerraUSD last year led to a wave of bankruptcies in the crypto industry, such as hedge fund Three Arrows Capital and crypto lenders Voyager and Celsius.
