South Korean prosecutors raided 15 corporations, together with seven cryptocurrency exchanges, on Wednesday as part of their investigation into the Terra-LUNA debacle.
See associated article: Terra subsidiary used as funds channel for overseas affiliates: report
- “[The search and seizure] is to safe any bodily proof wanted to show the allegations,” Choi Sung-kook, prosecutor within the Seoul Southern District Prosecutor’s Workplace, informed Forkast with out elaborating.
- The Seoul Southern District Prosecutors’ Workplace has been investigating the Terra-LUNA crash after buyers of the collapsed stablecoin and sister token filed a grievance in opposition to Terraform Labs chief Do Kwon and cofounder Shin Hyun-seung on prices of fraud.
- Corporations searched included South Korea’s main crypto exchanges Upbit and Bithumb.
- In April 2018, Dunamu & Companions bought 20 million LUNC, then LUNA, for US$0.12 per token. The corporate swapped its LUNA holdings into 2081.85 Bitcoins which it claims to haven’t been liquidated attributable to native rules.
- As part of the investigation, South Korean prosecutors final month executed a search and seizure on the Nationwide Tax Service (NTS) to look at allegations of tax evasion by Kwon.
See associated article: Dunamu denies making US$100 million off of LUNA