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Prosecutors Raid 7 Korean Exchanges Amid Terra Probe: Report
Seven exchanges and eight other addresses have been raided in connection to the Terraform Labs fraud investigation.
Updated May 11, 2023, 4:19 p.m. Published Jul 20, 2022, 1:40 p.m. 1 min read
Seven cryptocurrency exchanges in South Korea have been raided by prosecutors probing a fraud case in connection with the collapse of algorithmic stablecoin terraUSD (UST) and LUNA, according to Yonhap News Agency.
- Bithumb, Upbit, Coinone and four other local exchanges have been raided alongside eight residential and office addresses, the report said.
- TerraUSD fell dramatically off its U.S. dollar-peg in May, causing an industry-wide fallout that saw several hedge funds and exchanges fall victim to overexposure.
- Investigators are now seizing material from the raids in order to ascertain whether Terraform Labs founder Do Kwon is guilty of intentionally causing the collapse of UST and LUNA.
- In May, Korean police moved to freeze Terraform Labs' assets to prevent the company from embezzling funds that may be considered fraudulent.
Read more: The Fall of Terra: A Timeline of the Meteoric Rise and Crash of UST and LUNA
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