CryptoWallCity vs MEXC Exchange

South Korean prosecutors summarize Terra raids on exchanges, tech companies and VCs

A more than week-long prosecution raid against South Korean cryptocurrency exchanges and companies affiliated with Terraform Labs has finally come to an end, with police acknowledging that the search for The news they follow is a challenge.

As reported, the Seoul Southern District Prosecutors’ Office-run Joint Financial and Securities Crime Investigation Team last month swooped on 15 locations as part of its ongoing probe into the “Terra (LUNC) incident.”

The prosecution sent officials to market-leading trading platforms Upbit, Coinone, and Bithumb – along with four other exchanges – at 5:30 p.m. KST (8:30 a.m. UTC) on May 20. 7. It is understood that the officers are not investigating the exchanges themselves, but the trading activities of individuals associated with Terraform.

Officials are investigating allegations that Terraform executives knew of an impending crash or that they “intentionally caused” the collapse of multiple coins in the Terra ecosystem in May.

The team also searched the Seoul home of Terraform Labs co-founder Daniel Shin, in addition to at least two companies with which he is affiliated – Chai, a leading fintech technology company, and an investment company. anonymous venture.

Investors have accused Shin and his co-founder Do Kwon of willingly causing the crash.

Despite images of police officers leaving multiple facilities in Seoul on June 21 carrying boxes full of confiscated materials, it appears that they later returned and spent a total of seven days at multiple locations. only.

Newsis reports that Dunamu & Partners, a subsidiary of Upbit operator Dunamu, which purchased a significant amount of LUNC tokens in 2018, has also been raided. The company sold all of its LUNC holdings for bitcoin (BTC) in February 2021, and its parent company has denied allegations of misconduct.

The same report quoted an unnamed official in 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] using digital forensics. It also took us a long time to test relevance [of data] [as potential evidence].