South Korean prosecutors raid crypto exchanges amid Luna probe | Crypto

Authorities perform searches after buyers accuse co-founders of blockchain platform Terraform Labs of fraud.

South Korean prosecutors have raided quite a few native cryptocurrency exchanges and places of work as a part of an inquiry into the collapse of the digital foreign money Luna.

“A complete of 15 locations, together with cryptocurrency exchanges and associated places of work, have been searched on Wednesday for proof of allegations,” a spokesperson instructed the Reuters information company on Thursday, with out elaborating.

Traders have levelled accusations of fraud in opposition to Korean builders Do Kwon and Daniel Shin, co-founders of blockchain platform Terraform Labs, which is affiliated with the failed cryptocurrency.

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

A number of staff of South Korea-based Terraform Labs have been placed on a no-fly record final month.

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