prosecutor in south korea Behind the Terraform Labs investigation, it is reported to have conducted a search of 15 companies, including seven crypto exchanges that may be involved in the collapse of Terra.
According to a report on Wednesday from News1 Korea, the financial and securities crime investigation team of the Seoul Southern District Prosecutor’s Office obtainedbreak inIn the offices of Upbit, Bithumb, Coinone, Korbit and Copax, among other businesses involved in the collapse of Terra, officials reported receiving information related to the transactions of TerraUSD (formerly UST) and Terra (LUNA). is the Luna Classic (LUNC), where about 200,000 Korean investors have suffered losses following the token’s catastrophic price crash and collapse in May.
Victims of the collapse of Terra and UST have reportedly appointed local law firm LKB & Partners to represent them in the lawsuit against Terraform Labs and its co-founder Do Kwon. Alleging that the company had committed fraud More than 100 people have filed complaints with the prosecutor’s office, and total losses are estimated at $8 million.
“Defendants were not properly informed about design errors and flaws in the algorithm. while designing and issuing Luna and Terra coins in a conspiracy to attract investors,” said a spokesperson from LKB & Partners.
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