Prosecutors Raid 7 crypto Exchanges In South Korea AMID Terra Probe

Seven exchanges and eight different addresses have been struck in association with the Terraform Labs misrepresentation examination.

Seven cryptocurrency exchanges in South Korea have been raided by examiners testing an extortion case. 

Regarding the breakdown of algorithmic stablecoin terraUSD (UST) and LUNA, as per Yonhap News Agency.

Bithumb, Upbit, Coinone and four other nearby trades have been raided close by eight private and office addresses, the report said.

TerraUSD fell decisively off its U.S. dollar-stake in May, causing a far reaching aftermath that saw a few mutual funds and trades succumb to overexposure.

Specialists are currently holding onto material from the raids to discover whether Terraform Labs organizer Do Kwon is at real fault for purposefully causing the breakdown of UST and LUNA.

In May, Korean police moved to freeze Terraform Labs' resources for keep the organization from stealing subsidizes that might be thought of as fraudulent.

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