The authorities in Singapore are investigating Terraform Labs, which is responsible for the now-defunct TerraUSD stablecoin. The investigation is ongoing and Do Kwon, the founder of the organization, is not currently in Singapore. This development comes less than a month after the US Securities and Exchange Commission (SEC) filed a lawsuit against Kwon and Terraform Labs for securities fraud. It is alleged that they transferred over 10,000 Bitcoin out of the project and cashed out via a Swiss bank. Kwon is wanted in South Korea for violating the Capital Markets Act and fraud. Reports suggest that he may be in Serbia, a country that has not signed an extradition treaty with South Korea. The collapse of TerraUSD led to the bankruptcy of several high-profile crypto companies, including FTX and Three Arrows Capital.