Do Kwon, the co-founder of Terraform Labs who may be facing legal actions in South Korea and the United States, is also the target of a lawsuit in Singapore along with the Luna Foundation Guard, or LFG, and Terra founding member Nicholas Platias.
In a lawsuit filed in Singapore’s high court on Sept. 23, 359 individuals alleged Kwon, Platias, LFG, and Terra made fraudulent claims including that Terra’s stablecoin TerraUSD (UST) — now TerraUSD Classic (USTC) — was not “stable by design” and unable to maintain its U.S. dollar peg.
The claimants sought compensation for roughly $57 million worth of “loss and damage” combined based on the value of UST tokens they purchased and held or sold amid the market downturn in May. They also requested an order to pay for “aggravated damages.”
According to the individuals filing the lawsuit, the four parties tied to Terra “knew or ought to have known that the Claimants wished to buy…
