(LEAD) Prosecutors raid cryptocurrency exchanges in probe into Terraform crash
(ATTN: UPDATES throughout with details; CHANGES photo)
SEOUL, July 20 (Yonhap) -- Prosecutors raided seven 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 materials from Upbit, Bithumb, Coinone and four other local exchanges around 5:30 p.m., they said.
The team was also conducting raids on eight other places, including the homes and offices of people involved in the case.
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.
The investigation team plans to analyze the seized material and then question witnesses before determining the size of the damage and whether the coins' collapse was caused intentionally by Kwon, among other potential irregularities.
Last month, the investigation team secured Kwon's records from the tax authorities to look into suspicions he evaded taxes.

This photo shows the building of cryptocurrency exchange Upbit in southern Seoul on July 20, 2022. (Yonhap)
(END)
-
(URGENT) S. Korea's science minister confirms space rocket Nuri's launch success
-
Three indicted in massive stock manipulation case
-
(3rd LD) Passenger opens door of Asiana Airlines plane before landing at Daegu airport
-
BTS' J-Hope completes basic training for military service
-
(6th LD) S. Korea successfully launches space rocket Nuri in major milestone for space program
-
N. Korea's aircraft maintenance activity at 'unusual' level: 38 North
-
(LEAD) Asiana Airlines plane's door opens right before landing at Daegu Airport
-
S. Korea to send delegation to Europe for talks on stronger economic, biz ties
-
(2nd LD) S. Korean experts to inspect radioactive water storage tanks, purification system at Fukushima plant
-
(2nd LD) S. Korean experts begin on-site inspection of Fukushima nuclear plant
-
Man who opened plane door says he wanted to get off quickly: police
-
U.S. military stages 'Elephant Walk' training with F-16 fighters
-
(2nd LD) Arrest warrant issued for man who opened plane door mid-air
-
(LEAD) S. Korea steps up diplomatic efforts to win U.N. Security Council seat
-
Anticipated Korean blockbusters to check out this summer