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Prosecutors raid cryptocurrency exchanges in probe into Terraform crash

National 20:24 July 20, 2022

SEOUL, July 20 (Yonhap) -- Prosecutors raided local cryptocurrency exchanges on Wednesday as part of an investigation into a fraud case in connection with the collapse of Terraform Labs' digital coins, TerraUSD and Luna, officials said.

A team of investigators from the Seoul Southern District Prosecutors Office began seizing transaction records and other material from Upbit and other local exchanges around 5 p.m., they said.

Investors in TerraUSD and Luna filed complaints against Terraform Labs' CEO Do Kwon and co-founder Daniel Shin in May, accusing them of fraud over the loss of billions of won following the crash of both coins earlier that month.

Prosecutors raid cryptocurrency exchanges in probe into Terraform crash - 1


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