South Korean investigators raid seven local exchanges in the Terra investigation

South Korean prosecutors visited seven local cryptocurrency exchanges on July 20 as part of their probe into Terra’s demise in May.

According to the article, Seoul Southern District Prosecutors Office detectives collected transaction data and other information from Upbit, Bithumb, Coinone, and four other exchanges. South Korea’s largest exchanges are Upbit, Bithumb, and Coinone.

According to the article, the detectives also raided eight other places, including the homes and offices of those implicated in the investigation.

According to the report, the investigating team will examine the confiscated material and ask witnesses to establish the extent of the damage and whether Kwon purposefully caused the collapse of Terra. The detectives obtained Kwon’s data from the tax agency in June to investigate tax evasion charges.

After the firm’s stablecoins TerraUSD (USTC) and Luna (LUNC) failed in May, Terra investors filed a complaint against Kwon and Terraform Labs co-founder Daniel Shin. The investors accused the co-founders of defrauding them, resulting in billions of dollars in losses.

The Terra collapse affected an estimated 280,000 Korean investors, according to the country’s Financial Services Commission.