Terraform Labs and its co-founder Do Kwon failed to dismiss a class-action lawsuit in Singapore, where 375 claimants allege losses of $57 million.
The lawsuit accuses Terraform Labs of fraudulent misrepresentation in promoting the terraUSD (UST) stablecoin, contributing to significant financial losses.
Legal Challenges Intensify for Terraform Labs
Terraform Labs, along with its co-founder Do Kwon, faces a significant legal battle in Singapore. The High Court has rejected an attempt by Terraform Labs to dismiss a class-action lawsuit, paving the way for what could be a landmark legal confrontation in the cryptocurrency domain.
The Class-Action Lawsuit: A Closer Look
The lawsuit was initiated in September 2022 by Julian Moreno Beltran and Douglas Gan, representing 375 individuals who claim to have suffered a collective loss of $57 million. The claimants allege fraudulent misrepresentation by Terraform Labs and Do Kwon, particularly concerning the promotion of the algorithmic stablecoin t

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