As new problems arise, the Terra Labs probe intensifies

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Last Updated on July 21, 2022 by Bitfinsider

The Terra probe is still causing havoc in the South Korean crypto ecosystem. According to reports, the country’s authorities moved the investigation forward on Wednesday. The investigation into the Terraform Labs management’s alleged fraud is still ongoing.

According to reports, prosecutors raided several cryptocurrency exchanges earlier on Wednesday. The searches are thought to be related to the Terra network collapse fraud allegations. Prosecutors began seizing documents and other data sources from the companies around 5 p.m. local time.

According to the report, the Seoul Southern District Prosecutors Office raided Upbit, one of the country’s major cryptocurrency exchanges. Terra investors accused Terra CEO Do Kwon of fraud to the tune of several billions of dollars earlier this year, in May. The price of LUNA Classic (LUNC) recently increased dramatically after Binance announced that it will launch new perpetual contracts for the token.

According to a Shinhan Bank representative, a regulatory investigation is underway, but the exact size of the transaction is unknown. Prosecutors are also investigating the connection between the aforementioned transaction and local cryptocurrency exchanges. The investigation appears to be focused on whether any unusual payments were made to stakeholders in other countries. As a result, commercial banks naturally form an epicenter of the search for unusual international transactions all over Terra.


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Hardware wallets are safe and secure devices that can be used offline. They keep your cryptocurrency offline, making it impossible for you to be hacked. To find out more on the leading hardware wallets, you may view our reviews here: Ledger & Trezor
Disclaimer: The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, legal, tax or other advice. Investing in or trading cryptocurrency or stocks comes with a risk of financial loss.

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