South Korean prosecutors raid crypto exchanges amid Luna probe | Crypto

Authorities launched searches after investors accused the co-founders of blockchain platform Terraform Labs of fraud.

South Korean prosecutors have raided several local crypto offices and exchanges as part of an investigation into the demise of digital currency Luna.

“A total of 15 locations, including cryptocurrency exchanges and related offices, were searched on Wednesday for evidence of the allegations,” a spokesperson told Reuters news agency on Wednesday. Thursday, without elaborating.

Investors have brought allegations of fraud against South Korean developers Do Kwon and Daniel Shin, co-founders of blockchain platform Terraform Labs, with links to the failed cryptocurrency.

Luna’s value has practically dropped to 0 in May following the collapse of stablecoin TerraUSD, which was pegged to the US dollar and exchangeable with Luna.

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

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