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HomeCrypto NewsReport: South Korean Prosecutors Raid Residence of Terraform Labs Co-Founder – Regulation...

Report: South Korean Prosecutors Raid Residence of Terraform Labs Co-Founder – Regulation Bitcoin Information

A group of South Korean prosecutors not too long ago raided the house of Terraform Labs co-founder Shin Hyun-seong. Throughout an earlier raid that focused 15 locations, together with seven cryptocurrency exchanges, the prosecutors reportedly secured terra transaction information.

Seven Cryptocurrency Exchanges Focused

South Korean prosecutors investigating the spectacular collapse of Terra’s LUNA cryptocurrency reportedly raided the house of Terraform Labs co-founder Shin Hyun-seong on July 22. In response to a report, the raid on Do Kwon’s fellow co-founder’s residence got here a day after 15 different locations, together with seven cryptocurrency exchanges, had been equally focused by Seoul prosecutors’ Joint Monetary Crimes Investigation Crew.

Throughout the search and seize raids, which additionally focused Tchai Company, the place Hyun-seong served as CEO, the prosecutors reportedly secured LUNA transaction information. In response to the report, the opposite firms focused by prosecutors embrace Kernel Labs, an affiliate of Terraform Labs, and Flexi Company the place Kwon is listed as director.

Fraud Allegations

Following the autumn of the UST stablecoin and the LUNA cryptocurrency, authorities in South Korea have sought to impose a more durable regulatory framework for cryptocurrencies.

Equally, trade gamers corresponding to cryptocurrency exchanges announced in June that plans to create a physique mandated with stopping one other collapse, just like the Terra LUNA crash, had been now on the playing cards.

In the meantime, as per the Korean language Chosun Biz report, the prosecutors’ raids on people in addition to firms related to Kwon had been sparked by disgruntled LUNA buyers who raised fraud allegations of their lawsuits in opposition to the CEO.

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Terence Zimwara

Terence Zimwara is a Zimbabwe award-winning journalist, writer and author. He has written extensively concerning the financial troubles of some African nations in addition to how digital currencies can present Africans with an escape route.

Picture Credit: Shutterstock, Pixabay, Wiki Commons

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