On Wednesday, as part of their investigation into the Terra-LUNA fiasco, South Korean prosecutors raided 15 companies, including seven cryptocurrency exchanges.
Choi Sung-kook, prosecutor in the Seoul Southern District Prosecutor’s Office, told Forkast without elaborating, “[The search and seizure] is to secure any physical evidence needed to prove the allegations”.
After investors of the collapsed stablecoin and sister token filed a complaint against Terraform Labs chief Do Kwon and cofounder Shin Hyun-seung on charges of fraud, the Seoul Southern District Prosecutors’ Office is investigating on the Terra-LUNA crash.
Upbit and Bithumb are among the leading crypto exchanges raided in South Korea.
Dunamu & Partners, the investment arm of Dunamu, which operates Upbit exchange was also searched by the Prosecutors, according to local media reports.
Dunamu & Partners acquired 20 million LUNC, then LUNA, for US$0.12 per token in April 2018. Due to local regulations, the company claimed that the exchange of LUNA holdings into 2081.85 Bitcoins have not been liquidated.
As part of the investigation to examine allegations of tax evasion by Kwon, South Korean prosecutors last month executed a search and seizure on the National Tax Service (NTS).
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