The other companies targeted by prosecutors include Kernel Labs, an affiliate of Terraform Labs, and Flexi Corporation where Do Kwon is listed as director. lunacrash ust terraform
A team of South Korean prosecutors recently raided the home of Terraform Labs co-founder Shin Hyun-seong. During an earlier raid that targeted 15 places, including seven cryptocurrency exchanges, the prosecutors reportedly secured terra transaction data.of Terra’s LUNA cryptocurrency reportedly raided the home of Terraform Labs co-founder Shin Hyun-seong on July 22.
During the search and seize raids, which also targeted Tchai Corporation, where Hyun-seong served as CEO, the prosecutors reportedly secured LUNA transaction data. According to the , the other companies targeted by prosecutors include Kernel Labs, an affiliate of Terraform Labs, and Flexi Corporation where Kwon is listed as director.Following the fall of the UST stablecoin and the LUNA cryptocurrency, authorities in South Korea have sought to impose a tougher regulatory framework for cryptocurrencies.in June that plans to create a body mandated with preventing another collapse, similar to the Terra LUNA crash, were now on the cards.
Meanwhile, as per the Korean language Chosun Biz report, the prosecutors’ raids on individuals as well as companies associated with Kwon were sparked by disgruntled LUNA investors who raised fraud allegations in their lawsuits against the CEO.
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