Prosecutors Raid 7 crypto Exchanges In South Korea AMID Terra Probe

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

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

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

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

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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.

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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.

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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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