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Korean Prosecutors to Investigate 7 Crypto Exchanges Linked to TerraUSD Crash

Korean Prosecutors to Investigate 7 Crypto Exchanges Linked to TerraUSD Crash

Upbit, Coinone, Bithumb, and other seven crypto exchanges were supposedly involved in the TerraUSD fall.

South Korean prosecutors have recently launched an investigation to examine seven local crypto exchanges that might be linked to the catastrophic collapse of the Terra Ecosystem.

According to the official announcement issued on July 21st, investigators from Seoul Southern District Prosecutors Office will decide whether the TerraUSD crash was intentional, as well as look into various documents and question the possible witnesses.

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Can Russia Use Crypto to Bypass Sanctions? (Animated)

Can Russia Use Crypto to Bypass Sanctions? (Animated) Can Russia Use Crypto to Bypass Sanctions? (Animated)

The prosecutors will reportedly analyze the seized material and all transaction records from Upbit, Coinone, Bithumb, and four other cryptocurrency exchanges. Likewise, eight other places, including offices and homes of people who were supposedly involved, were also on the radar.

The news of the investigation arrives a few months after Terraform’s stablecoin UST, which was always supposed to be worth a dollar, de-pegged from the US dollar and dropped to as low as $0.66.

On top of that, the official report read that the investigation team will probe whether Do Kwon, the CEO of Singapore-based Terraform Labs, was involved in LUNA and UST collapse in any way possible.

Prior to the investigation, Uppsala Security, a Singapore-based security organization founded in 2018, notified the investigators that the wallet which initiated the dramatic fall belonged to none other than Terra itself.

It seems like things for Kwon are in a real pickle for the moment, as the crypto developer recently received a fine of 100 billion won, estimated at roughly $78M, for avoiding taxes from South Korea’s National Tax Service. Back in May, the CEO was also accused of shutting down two of its branches days before the fall of LUNA and UST.

Aaron S., Editor-In-Chief
Having completed a Master’s degree in Economics, Politics, and Cultures of the East Asia region, Aaron has written scientific papers analyzing the differences between Western and Collective forms of capitalism in the post-World War II era.
With close to a decade of experience in the FinTech industry, Aaron understands all of the biggest issues and struggles that crypto enthusiasts face. He’s a passionate analyst who is concerned with data-driven and fact-based content, as well as that which speaks to both Web3 natives and industry newcomers.
Aaron is the go-to person for everything and anything related to digital currencies. With a huge passion for blockchain & Web3 education, Aaron strives to transform the space as we know it, and make it more approachable to complete beginners.
Aaron has been quoted by multiple established outlets, and is a published author himself. Even during his free time, he enjoys researching the market trends, and looking for the next supernova.

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