South Korea’s famous cryptocurrency exchanges were raided. The fact that the main reason for the raid was due to an altcoin made the events even more remarkable. Here are the details…
They raided the stock markets because of this altcoin project
The Terra research seems to continue to pose problems in South Korea’s crypto world. Recent reports reveal that the country’s authorities today took the investigation one step further. Current research continues on fraudulent allegations against Terraform Labs management at this time. However, the event that took place today drew the reaction of the crypto money community all over the world. According to the resulting report, South Korean prosecutors raided the country’s most reputable altcoin exchanges earlier today. Among these exchanges, there were world-famous cryptocurrency trading platforms. It has been suggested that the raids were carried out due to allegations of fraud related to the collapse of Terra (LUNA). The raid took place at 17:00 South Korean time. Accordingly, prosecutors seized documents and data belonging to crypto exchanges.
The report also revealed the raided cryptocurrency exchanges. Accordingly, Upbit, which is among the largest cryptocurrency exchanges in the country, was among the raided companies. Upbit shared its data with the state as a result of the raid by the Seoul Southern Attorney General’s Office. cryptocoin.com As we reported, Terra (LUNA), one of the best performing altcoin projects of 2021, crashed in May 2022. The crash had affected the entire cryptocurrency market. As a result, Terra’s LUNA token had lost 99.9% of its value. Other altcoins were also affected by the collapse and suffered a great loss of value. After that, angry investors accused Terra founder Do Kwon of making billions of dollars. With the collapse, the Terra team launched a new altcoin built on Binance Chain. The new altcoin LUNA Classic (LUNC) has managed to gain value since its emergence.
Authorities also questioned banks
South Korea’s fraud investigation is not only based on cryptocurrency firms in the country. According to a report published by Bloomberg, authorities are also questioning banks in the country. The reason for this, Bloomberg explains, is to find out if there is any connection with the fraud. Prosecutors have so far questioned some of the country’s largest commercial banks. Accordingly, prosecutors are focusing on allegations that banks used altcoin assets to launder money and speculate on foreign currency. Shinhan Bank and Woori Bank stand out among the banks that the authorities questioned to investigate these allegations.
A representative from Shinhan Bank made statements about the investigation. Accordingly, the exact size of the transaction is not yet known. However, regulators continue to investigate. Additionally, prosecutors are examining the link between exchanges involved in the fraudulent transaction. At the core of the research is whether a large amount of money is transferred in any transaction abroad. So investigating commercial banks has the potential to reveal the truth about whether such a cryptocurrency transaction was made.
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