South Korean Investigators Raided Seven Crypto Exchanges

South Korean Investigators Raided Seven Crypto Exchanges

21.07.2022 10:24
by Nina Petrov
1 min read

The government agents have carried out a raid operation in South Korea. They’ve targeted seven prominent crypto exchanges. The goal of the raids was to find relevant information pertaining to the crash of Terraform Labs’ coins UST and Luna.

More specifically, the investigators are trying to deduce whether Terra’s collapse was intentionally orchestrated by Do Kwon, Terraform Labs’ CEO.

Do Kwon

Among the raided exchanges are Upbit and Bithumb. The investigators also visited the homes and offices of people relevant to the case. They will now analyze the obtained data in order to reach conclusions pertaining to the case.

In June, a lawsuit was filed against Terraform Labs and Kwon in Northern California. Moreover, the U.S. Securities and Exchange Commission is also investigating possible violations related to Terraform’s marketing practices.

As for Kwon, he denies the accusation that Terra’s crash was a fraud. The company CEO claims that he personally lost a fortune in the collapse.

Author

  • Nina Petrov is a theoretical mathematician, passionate about new trends in the global economy and blockchain technology. She is a devoted content creator and editor, crypto-enthusiast and stock market analyst.

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