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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.
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.
STORY CONTINUES BELOW
Read more: The Fall of Terra: A Timeline of the Meteoric Rise and Crash of UST and LUNA
Oliver Knight
Oliver Knight is the co-leader of CoinDesk data tokens and data team. Before joining CoinDesk in 2022 Oliver spent three years as the chief reporter at Coin Rivet. He first started investing in bitcoin in 2013 and spent a period of his career working at a market making firm in the UK. He does not currently have any crypto holdings.
