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Terra (LUNA) Investigation Brings S.Korean Crypto Exchanges & Banks Under Scrutiny

Written by: Elena R

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Elena R

Elena is an expert in technical analysis and risk management in cryptocurrency market. She has 10+year experience in writing - accordingly she is avid journalists with a passion towards researching new insights coming into crypto erena.

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Jul 20, 2022

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The after-effects of Terra (LUNA) crash is still being hovered around the crypto space. Once the Terra (LUNA) collapsed there was an investigation ordered by the court.

The investigations are based on the fraud committed by . Now, the ongoing LUNA’s Terra Lab investigation has brought other South Korean Crypto exchanges into massive trouble.

According to the latest sources, the lawyers today in the early hours raided various crypto exchanges and it is claimed that its due to the fraud committed by the Terra network. During the raid, the attorney began acquiring the company documents and several other related data.

Among many crypto exchanges that were raided by the Seoul Southern District Prosecutors Office, Upbit was one of them. Upbit exchange is one of South Korea’s largest crypto exchanges.

After the Terra network collapsed, the investors alleged that they committed the crime with several billion of dollars with the collapse. On the other hand, the newly formed LUNA Classic (LUNC) saw a surge in its price after Binance made an announcement to introduce perpetual contracts for LUNC.

Terra (LUNA) Probe Hovers Commercial Banks As Well

Meanwhile, it’s just not the crypto exchanges, even some of the biggest commercial banks have come under the Korean prosecutor’s radar. As reported by Bloomberg, the banks were inquired if they had any connection with the Terra fraud. The banks have come under this investigation to understand if they had any link with the money laundering with the use of cryptocurrencies. 

Among many such banks that were cross-checked is Shinhan Bank. As per the bank’s spokesperson, there is questioning going on while the exact figures of the transaction is yet to be found.

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Elena R

Elena is an expert in technical analysis and risk management in cryptocurrency market. She has 10+year experience in writing - accordingly she is avid journalists with a passion towards researching new insights coming into crypto erena.

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