South Korean authorities have raided multiple exchange offices.
Prosecutors in South Korea behind the investigation of Terraform Labs have reportedly executed a search and seizure in 15 firms, including seven crypto exchanges.
According to a Wednesday report from News1 Korea, the Joint Financial and Securities Crime Investigation Team of the Seoul Southern District Prosecutors Officethe offices of Upbit, Bithumb, Coinone, Korbit and Copax as well as other businesses connected to the collapse of Terra.
Some of the victims of Terra’s collapse and UST’s depegging reportedly appointed local law firm L.K.B. & Partners to represent them in a suit against Terraform Labs and its co-founder Do Kwon, alleging that the company committed fraud. More than 100 people who filed complaints with the prosecutors' office reportedly had losses totaling roughly $8 million.
"The defendants did not properly inform about design errors and defects in the algorithm while designing and issuing Luna and Terra coins in a collusion to attract investors,” said a spokesperson from L.K.B. & Partners.
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