2 years ago
A squad of South Korean prosecutors precocious raided the location of Terraform Labs co-founder Shin Hyun-seong. During an earlier raid that targeted 15 places, including 7 cryptocurrency exchanges, the prosecutors reportedly secured terra transaction data.
Seven Cryptocurrency Exchanges Targeted
South Korean prosecutors investigating the spectacular collapse of Terra’s LUNA cryptocurrency reportedly raided the location of Terraform Labs co-founder Shin Hyun-seong connected July 22. According to a report, the raid connected Do Kwon’s chap co-founder’s location came a time aft 15 different places, including 7 cryptocurrency exchanges, were likewise targeted by Seoul prosecutors’ Joint Financial Crimes Investigation Team.
During the hunt and prehend raids, which besides targeted Tchai Corporation, wherever Hyun-seong served arsenic CEO, the prosecutors reportedly secured LUNA transaction data. According to the report, the different companies targeted by prosecutors see Kernel Labs, an affiliate of Terraform Labs, and Flexi Corporation wherever Kwon is listed arsenic director.
Fraud Allegations
Following the autumn of the UST stablecoin and the LUNA cryptocurrency, authorities successful South Korea person sought to enforce a tougher regulatory model for cryptocurrencies.
Similarly, manufacture players specified arsenic cryptocurrency exchanges announced successful June that plans to make a assemblage mandated with preventing different collapse, akin to the Terra LUNA crash, were present connected the cards.
Meanwhile, arsenic per the Korean connection Chosun Biz report, the prosecutors’ raids connected individuals arsenic good arsenic companies associated with Kwon were sparked by disgruntled LUNA investors who raised fraud allegations successful their lawsuits against the CEO.
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