South Korean prosecutors raid crypto exchanges as part of Terra’s investigation
Law enforcers managed to visit the largest local platforms, Upbit and Bithumb
![South Korean prosecutors raid crypto exchanges as part of Terra’s investigation](https://storage.getblock.net/source/1/tpslSO-HEBP_JE1i0rqiExfQMDOS38HM.webp)
21.07.2022 - 10:30
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What’s new? On July 20, South Korean prosecutors raided 15 companies, including seven cryptocurrency exchanges, as part of an investigation into the collapse of the Terra ecosystem. This included law enforcement officers visiting the country’s largest exchanges, Upbit and Bithumb, as well as the homes and offices of all those involved in the case, the Yonhap news agency reports. Choi Sung-kook, the prosecutor in the Seoul Southern District Prosecutor’s Office, said that the searches and seizures are “to secure any physical evidence needed to prove the allegations.”
What else is known about the investigation? During the searches, the investigation team was able to uncover details of transactions using the LUNA (Luna Classic, LUNC) token belonging to the old Terra blockchain. The police will analyze the material found and interview witnesses before determining the extent of the damage and the extent of TerraformLabs (TFL) CEO Do Kwon’s involvement in the case. The prosecutor’s office had already requested Kwon’s details from the tax service last month to verify information on tax evasion.
The South Korean police initiated an investigation into Kwon and TFL back in late May. The authorities also banned Terra’s main developers from leaving the country. The police believe that the network’s collapse may have been caused by internal company actions.
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