Do Kwon faces a new $57 million lawsuit from investors again in Singapore
2022/10/29 14:29
Following in the footsteps of South Korea, the United States and Interpol, Do Kwon now faces allegations of a US$57 million lawsuit filed by its investors in Singapore. The class action lawsuit accuses Do Kwon and its affiliates of intentionally misrepresenting the price stability of its UST stablecoin. The lawsuit claims that investors "believed that the UST would be a stable token by design and that its price would always be pegged to the US dollar". In addition, they argue that Do Kwon deliberately structured the Anchor protocol, a Defi protocol with a high interest rate, in order to attract customers to buy more USTs.
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