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MONDAY, October 03, 2022
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South Korea prosecutors raid crypto exchanges, offices for Luna investigation

South Korea prosecutors raid crypto exchanges, offices for Luna investigation

THURSDAY, July 21, 2022

South Korean prosecutors carried out search and seizure operations at local crypto-currency exchanges and related offices, looking for evidence of illegal practice involved in the collapse of cryptocurrency Luna in May, a spokesperson said on Thursday.

"A total of 15 places, including cryptocurrency exchanges and related offices, were searched on Wednesday (July 20) for proof of allegations," a spokesperson told Reuters, without elaborating.

Investors have made fraud accusations against Korean developers Do Kwon and Daniel Shin, co-founders of blockchain platform Terraform Labs, which is affiliated with the failed crypto-currency.

 

Luna's value fell to practically zero in May with the collapse of stablecoin TerraUSD, which had been pegged to the U.S. dollar and was exchangeable with Luna.

Several employees of South Korea-based Terraform Labs were put on a no-fly list last month.