South Korean authorities are raiding crypto exchanges linked to Terraform Labs’ collapse in May, according to report this week by News1 Korea:
‘At Least’ 15 Exchanges Raided
The Joint Financial and Securities Crime Investigation Team of the Seoul Southern District Prosecutors’ Office raided the offices of at least 15 entities, including Bithumb, Upbit, Coinone and Korbit. Prosecutors are seizing all materials that can work as evidence if Terraform Labs CEO Do Kwon or any other executive is found guilty of causing Terra’s meltdown.
A month ago, claims surfaced on Twitter accusing Do Kwon of cashing out over US$80 million a month prior to the LUNA collapse, which caused a domino effect on the stablecoin market.
Shortly after, Korean authorities launched a full-scale investigation targeting Terraform Labs staff. The company’s employees, who have been prohibited from exiting the country, were summonsed by prosecutors to testify as to their involvement with the project.
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