The Korea Herald


Prosecutors raid cryptocurrency exchanges in probe into Terraform crash

By Yonhap

Published : July 20, 2022 - 20:37

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Terraform Labs CEO Do Kwon (YouTube Screencap) Terraform Labs CEO Do Kwon (YouTube Screencap)

Prosecutors raided local cryptocurrency exchanges on Wednesday as part of an investigation into a fraud case in connection with the collapse of Terraform Labs’ digital coins, TerraUSD and Luna, officials said.

A team of investigators from the Seoul Southern District Prosecutors Office began seizing transaction records and other material from Upbit and other local exchanges around 5 p.m., they said.

Investors in TerraUSD and Luna filed complaints against Terraform Labs’ CEO Do Kwon and co-founder Daniel Shin in May, accusing them of fraud over the loss of billions of won following the crash of both coins earlier that month. (Yonhap)