Terra Investigation: South Korean Prosecutors Invade 7 Local Crypto Exchanges (Report)

As the Terra investigation continues, the Joint Financial and Securities Crime Investigation Team, a subsidiary of the Seoul Southern District Prosecutor’s Office, has raided 15 places including 7 Korean-based crypto exchanges linked to the Terra collapse. Critical records relevant to the case have been seized by the authorities for analysis.

Korean-based Crypto Exchanges Raided

Reportedly, South Korean prosecutors in charge of the Terra collapse case embarked on a search and seizure exercise at several headquarters of domestic cryptocurrency exchanges on Wednesday.

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The cryptocurrency exchanges raided by the authorities included Upbit, Bithumb, Coinone, Korbit, and Gopax other two exchanges. Also, a search and seizure warrant has been executed at 8 other locations in connection with the fall of TerraUSD (UST) and old LUNA. These places include the homes and offices of people involved in the case, according to Yonhap News Agency.

Per the report, the Joint Financial and Securities Crime Investigation Team, have obtained vital information such as transaction details involving the old LUNA token courtesy of the foray. These obtained transaction details could be useful in solving the case.

“The investigation team plans to analyze the seized material and then question witnesses before determining the size of the damage and whether the coins’ collapse was caused intentionally by Kwon, among other potential irregularities,” the news added.

Terra Investigation Continues

Recall that, in May, LUNA and TerraUSD (UST) issued by Do Kwon’s Terraform Labs dropped to an all-time low. Consequently, about $45 billion was erased from the market while many investors were badly wrecked. More so, sources claim that over 200,000 domestic investors suffered losses due to the Terra collapse.

In consequence, several lawsuits have been filed against Do Kwon and TerraForm Labs by affected investors. Meanwhile, different investigations have been channeled towards the company. Recently, the United States and the Korean government agreed to collaborate, and share data related to the Terra investigation.

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Ndianabasi Tom

Ndianabasi Tom joined the crypto and blockchain industry in late 2018. He is an all-rounded crypto journalist and content writer. At TimesTabloid, he covers the industry's latest news, developments, and other educational content. He is a graduate of Petroleum Engineering.