Is Terra’s Singapore Office A “Paper Company?”

Terra’s main office in Singapore may be just a paper firm, according to reports from a South Korean media outlet.

The report contradicts statements from Terra founder Do Kwon that Terraform Labs (TFL), the lead developer of Terra, has a sizeable presence in Singapore. While the company is incorporated in Singapore, a bulk of its operations were taking place through South Korea.

Documents had shown that TFL had dissolved its South Korean holdings just a few days prior to the Terra crash. This move had spurred speculation over Kwon possibly having prior knowledge of the crash. Seoul has far stricter laws on crypto than Singapore.

Kwon said that Singapore has always been a preferred destination for Terra. But a recent report from South Korean publication SBS News may contradict this.

Terra’s Singapore office not operational

SBS reporters visited the address under which TFL is incorporated in Singapore- UOB Plaza. But the company’s “offices” in the building appeared to be only a law firm that receives mail on behalf of TFL.