South Korean prosecutors have raided local crypto exchanges and related offices as part of an investigation into the collapse of Terraform Labs' TerraUSD and Luna.
<h2>15 Crypto Offices Raided Over Terra Probe</h2>
A team of investigators from the Seoul Southern District Prosecutors Office raided <a href="https://www.cryptoknowmics.com/news/japanese-crypto-exchange-quoine-fined-67k-for-customer-data-breach/" target="_blank" rel="noopener">cryptocurrency exchange</a> giants such as Upbit, Bithumb, and Coinone along with four other local exchanges. The raids were extended to eight other places including the homes and offices of people involved in the case.
<blockquote><em>"A total of 15 places, including cryptocurrency exchanges and related offices, were searched on Wednesday for proof of allegations,"</em> a spokesperson <a href="https://www.aljazeera.com/economy/2022/7/21/south-korean-prosecutors-raid-crypto-exchanges-amid-luna-probe" target="_blank" rel="nofollow noopener">told</a> the Reuters news agency on Thursday.</blockquote>
The probe by Korean prosecutors appears not just on the country's crypto players but also on some of the large commercial banks. In a recent <a href="https://www.bloomberg.com/news/articles/2022-07-20/south-korea-investigates-abnormal-crypto-linked-fx-transactions?utm_source=twitter&amp;utm_content=crypto&amp;utm_campaign=socialflow-organic&amp;utm_medium=social#xj4y7vzkg" target="_blank" rel="nofollow noopener">report</a> from Bloomberg, it was found that the authorities have also questioned banks for any links to potential fraud and the possibility of "money laundering or currency speculation using crypto assets."

Among the big local banks approached by the authorities are Shinhan Bank and Woori Bank, the report said.
<blockquote><em>"The regulator is examining whether laws on money laundering and foreign exchange trading were broken. Regulators have strengthened collaboration with the country's prosecutors on the probe,"</em> the report added.</blockquote>

South Korean Prosecutors Raid Crypto Exchanges Over Terra-Luna Fiasco

South Korean prosecutors have raided local crypto exchanges as part of an investigation into the collapse of Terraform Labs' TerraUSD and Luna.

Jafrin is a cryptocurrency journalist/researcher fascinated by the world of decentralization. She is hopeful towards blockchain’s innovation and its potential to reshape the world for good. Currently, she is bringing out the best of cryptosphere via covering the latest ins and outs of the blockchain space.

South Korean Prosecutors Raid Crypto Exchanges Over Terra-Luna Fiasco

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