South Korean prosecutors raid crypto exchanges amid Luna probe | Crypto

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Authorities perform searches after buyers accuse co-founders of blockchain platform Terraform Labs of fraud.

South Korean prosecutors have raided quite a lot of native cryptocurrency exchanges and workplaces as a part of an inquiry into the collapse of the digital forex Luna.

“A complete of 15 locations, together with cryptocurrency exchanges and associated workplaces, had been searched on Wednesday for proof of allegations,” a spokesperson informed the Reuters information company on Thursday, with out elaborating.

Buyers have levelled accusations of fraud towards Korean builders Do Kwon and Daniel Shin, co-founders of blockchain platform Terraform Labs, which is affiliated with the failed cryptocurrency.

Luna’s worth fell to virtually zero in Might following the collapse of stablecoin TerraUSD, which had been pegged to the US greenback and was exchangeable with Luna.

A number of workers of South Korea-based Terraform Labs had been placed on a no-fly checklist final month.


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