Offices of Upbit and several other cryptocurrency exchanges were raided on Wednesday by a team of investigators probing a fraud case in connection with the collapse of Terraform Labs' sister tokens TerraUSD (UST) and LUNA, according to a report by Yonhap News Agency.
Per the report, the Seoul Southern District Prosecutors Office began seizing transaction records and other materials from Upbit, Bithumb, Coinone, and four other local exchanges around 5:30 p.m local time.
The investigation team reportedly plans to study the seized materials and question witnesses to determine the size of damages suffered by investors and whether Do Kwon, the CEO of TerraLabs, intentionally caused the collapse of the Terra ecosystem.
Investigators also conducted raids on other places, including the homes and offices of individuals involved in the case.
Decrypt has reached out to the mentioned exchanges for comments and will provide an update should we hear back.
Terra collapse
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