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Report: South Korean Prosecutors Raid Home of Terraform Labs Co-Founder

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A group of South Korean prosecutors recently ransacked the home of Terraform Labs co-founder Shin Hyun Sung. During a previous raid that affected 15 locations, including seven cryptocurrency exchanges, prosecutors reportedly obtained terra transaction data.

Targeting seven cryptocurrency exchanges

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South Korean prosecutors investigating the spectacular collapse of the Terraform LUNA cryptocurrency reportedly ransacked the home of Terraform Labs co-founder Shin Hyun Sung on July 22. Locations, including seven cryptocurrency exchanges, were also attacked by the Joint Financial Crimes Investigation Team of the Seoul Prosecutor’s Office.

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During the search-and-seizure raids that also targeted Tchai Corporation, of which Hyunseong was the CEO, prosecutors reportedly obtained LUNA’s transaction data. According to reportother companies pursued by prosecutors include Kernel Labs, a subsidiary of Terraform Labs, and Flexi Corporation, of which Kwon is listed as a director.

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Fraud allegations

After the fall of the UST stablecoin and the LUNA cryptocurrency, the South Korean authorities tried to introduce a tougher regulatory framework for cryptocurrencies.

Likewise, industry players such as cryptocurrency exchanges announced in June plans for a body empowered to prevent another crash like that of Terra LUNA were now on the cards.

Meanwhile, according to a report by Chosun Biz in Korean, prosecutorial raids on individuals as well as companies associated with Kwon were instigated by disgruntled LUNA investors who filed allegations of fraud in their lawsuits against the CEO.

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Credit : news.bitcoin.com

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