Terraform Labs and its co-founder, Do Kwon, are facing a significant legal battle in Singapore. The High Court has rejected their attempt to dismiss a class-action lawsuit, which accuses them of fraudulent misrepresentation in promoting the terraUSD (UST) stablecoin. The lawsuit was initiated by 375 claimants who allege losses of $57 million. Terraform Labs’ lawyers tried to shift the action to arbitration, but the court ruled against it. This lawsuit is notable for being the furthest a class-action suit of this nature has advanced worldwide. In addition to the legal battle in Singapore, Terraform Labs is also dealing with fraud charges in the United States. The outcome of this case could set a precedent for how disputes in the blockchain sector are handled globally.

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Information	Details
Geography	Asia
Countries	🇸🇬
Sentiment	neutral
Relevance Score	1
People	Julian Moreno Beltran, Mahesh Rai, Douglas Gan, Do Kwon
Companies	Securities and Exchange Commission (SEC), Terraform Labs, Drew & Napier
Currencies	TerraClassicUSD
Securities	None