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A group of South Korean prosecutors just lately raided the house of Terraform Labs co-founder Shin Hyun-seong. Throughout an earlier raid that focused 15 locations, together with seven cryptocurrency exchanges, the prosecutors reportedly secured terra transaction knowledge.
Seven Cryptocurrency Exchanges Focused
South Korean prosecutors investigating the spectacular collapse of Terra’s LUNA cryptocurrency reportedly raided the house of Terraform Labs co-founder Shin Hyun-seong on July 22. In response to a report, the raid on Do Kwon’s fellow co-founder’s house got here a day after 15 different locations, together with seven cryptocurrency exchanges, had been equally focused by Seoul prosecutors’ Joint Monetary Crimes Investigation Workforce.
Through the search and seize raids, which additionally focused Tchai Company, the place Hyun-seong served as CEO, the prosecutors reportedly secured LUNA transaction knowledge. In response to the report, the opposite corporations focused by prosecutors embrace Kernel Labs, an affiliate of Terraform Labs, and Flexi Company the place Kwon is listed as director.
Fraud Allegations
Following the autumn of the UST stablecoin and the LUNA cryptocurrency, authorities in South Korea have sought to impose a more durable regulatory framework for cryptocurrencies.
Equally, business gamers akin to cryptocurrency exchanges introduced in June that plans to create a physique mandated with stopping one other collapse, just like the Terra LUNA crash, had been now on the playing cards.
In the meantime, as per the Korean language Chosun Biz report, the prosecutors’ raids on people in addition to corporations related to Kwon had been sparked by disgruntled LUNA buyers who raised fraud allegations of their lawsuits in opposition to the CEO.
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