Terraform Labs Fails to Dismiss $57 Million Class-Action Lawsuit in Singapore Over TerraUSD Collapse
• Terraform Labs and Do Kwon failed to have a class-action lawsuit against them dismissed in Singapore
• The suit was filed by 375 people who lost a combined $57 million from the collapse of TerraUSD
• The claimants allege fraudulent misrepresentation by Terraform Labs, Do Kwon, and others in promoting UST
• The Singapore court ruled users had not given up their right to a class-action suit via Terraform's terms of use
• Terraform also faces fraud charges in the U.S. brought by the SEC related to selling unregistered securities