South Korean Prosecutors Raid Crypto Exchanges Over Terra’s Crash

Investigators with the Seoul Southern District Prosecutors Office have raided the offices of some cryptocurrency exchanges in the country.

No fewer than 15 companies were raided during the exercise, reports indicated.

Reports also state that the investigators had confiscated working materials and transaction records from the firms during the raid.

It was also learned that the houses of some people labelled during the investigation were also raided.

According to a report by a local media outlet in Seoul, Yonhap News Agency, the raids were carried out to obtain evidence from witnesses and materials from the firms to understand if Terra’s embattled CEO, Do Kwon was responsible for the crash.

It is worthy of note that the executives of Terraform Labs have since been accused of fraud by authorities and investors following the crash of the currency.

Last month, prosecutors carried out a search and seizure on the National Tax Service (NTS), as part of efforts to investigate allegations of tax evasion by Do Kwon.

In May, the Terra stablecoin crashed, wiping out more than $200 billion in space. The value of Luna Terra also plunged about 80 percent, making the coins now almost worthless.





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