A single crypto regulator to appear in the EU Hotels in Maldives and Thailand accept crypto payments PayPal added bitcoin support to its mobile app Corporations invested more than $6 billion in crypto industry in the last 10 months DeFi-platform Velodrome accuses crypto sleuth of stealing $350k S&P Global dropped Coinbase rating to a speculative level BitGo will seek $100 million for Galaxy Digital refusal to acquire crypto platform Brazilian crypto exchange blocked customer accounts and fired staff Celsius Network’s debts is more his assets for $2,8 billion

Korean prosecutors raid local cryptocurrency exchanges

Korean prosecutors raid local cryptocurrency exchanges

Seoul prosecutors raided offices of seven cryptocurrency exchanges as part of Terraform Labs investigation.

According to Yonhap News Agency, prosecutors seized transaction records as well as other materials from Bithumb, Upbit, Coinone, and other exchanges. In addition to the trading venues, prosecutors also raided eight other locations, including offices and private properties of those involved in the case.

The investigation team plans to analyze the seized material, interview witnesses, and then calculate the damage caused to determine whether the terraUSD (UST) collapse was deliberately provoked by Terra ecosystem founder Do Kwon.

In late June, South Korean law enforcement authorities prohibited current and former Terra blockchain developers from leaving the country. Among the sanctioned individuals is a key developer who found out that Terra founder Do Kwon "made enough money to buy an island". It is also reported that Kwon had been manipulating investor funds, but it is unclear whether such activities caused the ecosystem to collapse.

As a reminder, the Terra project has long been subjected to negative repercussions since its dramatic collapse. For example, Terra's legal consultants left the project, and the South Korean tax authorities demanded $78 million from Terraform Labs.

Subscribe to our Telegram channel for the most relevant, interesting, and informative news from the crypto industry.

Is there an error in the article?
To report