Terra Investigations Intensify as S. Korean Prosecutors Raid 7 Crypto Exchanges Including Upbit, Bithumb
Summary:
- Prosecutors in South Korea looking into LUNA’s and UST’s collapse have dialled up their efforts by raiding seven crypto exchanges.
- Affected crypto exchanges include Upbit, Bithumb, Coinone, and four other local exchanges.
- The investigating team also raided the homes and offices of those involved in the case.
South Korean investigators probing the events surrounding the collapse of Terra (LUNA) and Terra USD (UST) in early May have intensified their efforts by raiding seven crypto exchanges in the country.
Upbit, Bithumb, Coinone, and Four Other Crypto Exchanges Raided.
According to a report by Yonhap News Agency, prosecutors raided seven local crypto exchanges on Wednesday as part of the investigations relating to the collapse of LUNE and UST.
Affected platforms include Upbit, Bithumb, Coinone, and four other local crypto exchanges.
Investigators from the Seoul Southern District Prosecutors Office seized transaction records from the exchanges. They reportedly also raided eight other premises, including homes and offices of individuals connected with the case.
Terra’s Do Kwon Engagement on Twitter has Drastically Reduced.
The raid on seven crypto exchanges by South Korean investigators points to a scenario where local regulators are working hard to get to the bottom of how LUNA and UST collapsed, causing massive losses among investors. This is despite Terra’s founder, Do Kwon, initiating a successful proposal to build a new Terra chain for the project to start afresh.
Mr Kwon has been less active on Twitter since the new Terra Chain was launched in late May.
In one of his most recent Tweets, posted in mid-June, Do Kwon debunked rumours that he cashed out $2.7 billion from the Terra project before the collapse of both LUNA and UST. According to Mr Kwon, there were two conflicting narratives. The first was that his crypto wallets had been doxxed and proved that he still had his LUNA. The second narrative was that he dumped all his tokens to make millions. Do Kwon then requested his detractors to stick to one story.
In July, Do Kwon has so far tweeted twice, with both Tweets being cryptic. This month’s first Tweet is a picture of what looks like a flare lighting up the night sky, and the second is a lightbulb emoji. Only time will reveal what both tweets mean and whether they are related to the rebirth of Terra (LUNA) in the crypto-verse.
~ By John P Njui ~
