Singapore court finds Terraform Labs, Do Kwon liable for fraud

The Singapore International Commercial Court (SICC) has found Terraform Labs and its founder Do Kwon liable for fraud in a lawsuit related to the 2022 collapse of TerraUSD (UST), Bloomberg reported. The court ordered the defendants to pay over $3 million in damages to 40 plaintiffs who had filed a class-action suit. The ruling came during a second hearing in a case initially brought by a total of 275 plaintiffs who claimed losses from the UST collapse. The court recognized the defendants' fraudulent actions, leading to the damages award for the group of 40.