S. Korea raids crypto exchanges and offices for Luna inquiry

Teddy Sagi
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South Korea raid crypto exchanges

South Korean prosecutors went to local cryptocurrency exchanges and other offices to search and seize items. They were looking for proof that illegal activity led to the collapse of the crypto-currency Luna in May.

“A total of 15 places, including crypto-currency exchanges and related offices, were searched on Wednesday for proof of allegations,” a spokesperson said without elaborating.

Investors have accused Do Kwon and Daniel Shin, two Korean developers and co-founders of the blockchain platform Terraform Labs, which is connected to the failed crypto-currency, of fraud.

In May, the collapse of the stablecoin TerraUSD, which was tied to the U.S. dollar and could be traded for Luna, made Luna almost worthless.

Several South Korea’s Terraform Labs employees were on a “no-fly” list last month.

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