- LUNA price posted nearly 9% losses after South Korean authorities raided the offices of fifteen entities linked to Terra collapse.
- Upbit, Bithumb, Coinone, Korbit and Gopax are the top exchanges among the fifteen entities raided by South Korean Authorities.
- Authorities obtained data related to TerraUSD and LUNA transactions in which more than 200,000 investors suffered losses.
South Korean prosecutors raided 15 entities linked to the collapse of Terraform Lab’s sister tokens, LUNA-UST. Their investigation and the raid on top Korean crypto exchanges was followed by a crash in LUNA price.
Also read: UK financial watchdog says “non-negotiable” crypto regulation a must after Terra LUNA crash
South Korean authorities raid exchanges for physical evidence
The Seoul Southern District Prosecutor’s Office searched exchanges and entities to secure physical evidence needed to prove the allegations against Terra. Prosecutors executed a search and seizure across fifteen entities, including seven crypto exchanges.
According to a report for News1 Korea, the Joint Financial and Securities Crime Investigation Team of the Seoul Southern District Prosecutors Office raided Upbit, Bithumb, Coinone, Korbit, and Gopax for their connection with Terra. According to local media reports, prosecutors raided Dunamu & Partners, the investment arm of Dunamu, the entity which operates the Upbit exchange.
Based on data obtained from the search, roughly 200,000 Korean investors suffered losses after the subsequent collapse in May 2022. Nearly 100 investors filed a complaint against Terraform Labs chief Do Kwon and cofounder Shin Hyun-Seung on fraud charges.
Three Arrows Capital, crypto hedge fund recently confirmed nearly $200 million in losses from the collapse of Terra LUNA. The firm released a statement arguing that
The Terra-Luna situation caught us very much off guard.
LUNA price started its decline post the raid
The news of the raid on Terraform Labs’ related entities started doing the rounds on July 20, 2022, following which LUNA price took a hit. LUNA price plummeted nearly 8% and struggled to recover. Analysts evaluating the LUNA price trend, identified Terra's direction after a successful price fractal.
For price levels and key information on LUNA’s next move, check this video:
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
SEC doubles down on TRON's Justin Sun lawsuit dismissing claims over jurisdiction
The SEC says it has jurisdiction to bring Justin Sun to court as he traveled extensively to the US. Sun asked to dismiss the suit, arguing that the SEC was targeting actions taken outside the US.
XRP fails to break past $0.50, posting 20% weekly losses
XRP trades range-bound below $0.50 for a sixth consecutive day, accumulating 20% losses in the last seven days. Ripple is expected to file its response to the SEC’s remedies-related opening brief by April 22.
ImmutableX extends recovery despite $69 million IMX token unlock
ImmutableX unlocked 34.19 million IMX tokens worth over $69 million early on Friday. IMX circulating supply increased over 2% following the unlock. The Layer 2 blockchain token’s price added nearly 3% to its value on April 19.
Bitcoin Weekly Forecast: BTC post-halving rally could be partially priced in Premium
Bitcoin price briefly slipped below the $60,000 level for the last three days, attracting buyers in this area as the fourth BTC halving is due in a few hours. Is the halving priced in for Bitcoin? Or will the pioneer crypto note more gains in the coming days?
Bitcoin: BTC post-halving rally could be partially priced in Premium
Bitcoin (BTC) price briefly slipped below the $60,000 level for the last three days, attracting buyers in this area as the fourth BTC halving is due in a few hours. Is the halving priced in for Bitcoin? Or will the pioneer crypto note more gains in the coming days?