After Terraform Labs’ Luna cryptocurrency crashed overnight, a “victim” made a Police report against the owner of Terraforms Labs.
Here is what is written in the Police report:
I am a concerned citizen about those who have lost money on the Luna Cryptocurrency scam Wanted to make police complaint to seek justice for all those who have lost money. There are at least more than 1000 Singaporeans that I know that invested in UST and Luna. UST was sold to them as a stable coin that will remain pegged to $1 but it dropped to $0.1 because the ponzi scam collapsed Luna became worthless overnight. A total of 532 Billion dollars is lost.
It is not ok for an investment to be sold to retail investors who do not know better as a safe and stable currency. Not ok. I have several examples of this. Do Kwon and his MLM marketing network spread the news about 19% interest rate to lure Singaporeans into his fixed deposit style scam I have collected the evidence here. So many influencers and “finance gurus” told people lies saying UST is 100% safe and they can earn 19% forever.
When will we hold Singaporean finance bloggers to strict standards and accountability for giving out financial advice?
Some platforms like Hodlnaut was even selling UST Licensed by MAS somemore
Do Kwon is still a billionaire last I heard. The very least he can do is to refund investors the money he earned of Luna. Do Kwon is currently Irving in Singapore so there is a chance that Singapore can still freeze his assets before he flees overseas This is Luna’s Singapore office address.
