South Korean Prosecutors close up the Terra Raids on Exchanges

The week-long prosecution raid of South Korean crypto exchanges and companies linked to Terraform Labs has eventually come to an end, with officers acknowledging that finding the information they were after was tough.

As NFTHi brought you the news, the Seoul Southern District Prosecutors’ Office-run Joint Financial and Securities Crime Investigation Team last month pounced on 15 locations as part of its continuing investigation into the “Terra (LUNC) incident.”

South Korean prosecution closing in on Terra


The prosecution sent in officers to the market-leading trading platforms Upbit, Coinone, and Bithumb – along with four other exchanges at 5:30 PM KST (8:30 AM UTC) on July 20. As per reports, it is understood that the officers were not investigating the exchanges themselves, but rather the trading activities of individuals who were linked to Terraform.

Officers are investigating allegations that Terraform executives were aware of a forthcoming crash or that they intentionally brought about the collapse of multiple Terra ecosystem coins back in May.

The team also raided the Seoul home of the Terraform Labs co-founder Daniel Shin, in addition to at least two companies he is linked with one of them is Chai, a leading fintech tech firm, and an unknown venture capital company.

Also read, Do Kwon owes 78.5 million to the south Korean government

Investors have blamed Shin and co-founder Do Kwon for voluntarily bringing about the crash.

Although officers were pictured leaving multiple premises in Seoul on June 21 carrying boxes full of seized materials, it seems that they later returned and spent a total of seven days at many of the locations.

Newsis reported that Dunamu & Partners, an associate of the Upbit operator Dunamu, which purchased a significant number of LUNC tokens in 2018, was also raided. The firm sold its complete LUNC holdings for bitcoin (BTC) in February 2021, and its parent company has overlooked allegations of misconduct.

The same report quoted an anonymous official from the prosecution team as stating:

“It took us a long time to extract the data we were looking for from the confiscated files and documents by using digital forensics. It also took us a long time to check the [data’s] relevance as potential evidence.”

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