South Korean Investigators Raid Crypto Exchanges in Luna Probe

South Korean investigators raided domestic cryptocurrency exchanges as part of the probe into the collapse of cryptocurrency token Luna in May.

“A total of 15 places, including cryptocurrency exchanges and related offices, were searched on Wednesday for proof of allegations,” a spokesperson said on Thursday, without elaborating.

Investors have accused Korean developers Do Kwon and Daniel Shin, co-founders of blockchain platform Terraform Labs that is affiliated with the failed cryptocurrency, of fraud.

Luna’s value fell to practically zero in May with the collapse of stablecoin TerraUSD, which had been pegged to the US dollar and was exchangeable with Luna.

Several employees of South Korea-based Terraform Labs were put on a no-fly list last month.

Reuters with additional editing by Sean O’Meara

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Tags: Crypto Assets Crypto Crash

Sean O'Meara

Sean O'Meara is an Editor at Asia Financial. He has been a newspaper man for more than 30 years, working at local, regional and national titles in the UK as a writer, sub-editor, page designer and print editor. A football, cricket and rugby fan, he has a particular interest in sports finance.