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South Korean prosecutors raid crypto exchanges amid Luna probe

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Prosecutors Raid 7 Korean Exchanges Amid Terra Probe: Written report

Seven cryptocurrency exchanges in South korea have been raided by prosecutors probing a fraud example in connectedness with the plummet of algorithmic stablecoin terraUSD (UST) and LUNA, co-ordinate to Yonhap News Agency.

  • Bithumb, Upbit, Coinone and four other local exchanges have been raided alongside eight residential and function addresses, the written report said.

  • TerraUSD barbarous dramatically off its U.South. dollar-peg in May, causing an industry-wide fallout that saw several hedge funds and exchanges fall victim to overexposure.

  • Investigators are at present seizing textile from the raids in social club to ascertain whether Terraform Labs founder Exercise Kwon is guilty of intentionally causing the collapse of UST and LUNA.

  • In May, Korean police moved to freeze Terraform Labs' assets to prevent the company from embezzling funds that may be considered fraudulent.

Read more: The Fall of Terra: A Timeline of the Meteoric Rise and Crash of UST and LUNA

Source: https://finance.yahoo.com/news/prosecutors-raid-7-korean-exchanges-134044305.html

Posted by: mcguireectilow.blogspot.com

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