South Korean officials conclude week-long raid in Terra-LUNA case News ▸ South Korea ▸ Terra ▸ Legal
South Korean officials conclude week-long raid in Terra-LUNA case
The Ministry of Justice has issued a "notification upon arrival" notice to Do Kwon while Daniel Shin is restricted from leaving the country.
1 min read
Updated: Jul. 28, 2022 at 5:52 pm UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
After more than a week, South Korean authorities concluded their raids on crypto companies in connection with the Terra case on July 27, Yonhap news reported.
The Seoul Southern District Prosecutors Office is investigating the collapse of TerraUSD (USTC) and allegations of fraud against Terraform Labs co-founders Do Kwon and Daniel Shin.
The prosecutors had initiated a search and seizure of seven local crypto exchanges and eight other locations including offices and residences of people involved in the case on June 20.
According to Yonhap, the raid lasted a week because of the immense amount of data requested by the authorities.
In cases where data was insufficient, the authorities asked data analysts to extract more data, lengthening the search and seizure, Yonhap news reported.
The authorities will analyze the data collected from the raid to issue subpoenas for Kwon and Shin.
On July 27, Yonhap reported that the ministry of justice issued a “notification upon arrival” order to Kwon. This means that Kwon is required to inform South Korean officials whenever he returns to the country from Singapore. Prosecutors are also looking into extraditing Kwon by issuing a red notice to Interpol.
Furthermore, Shin, whose home and office were raided last week, is restricted from leaving the country.
Earlier this month, former Terra employees had said that they were banned from traveling abroad along with all persons involved in the case.
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Terra is a blockchain protocol that uses fiat-pegged stablecoins to power price-stable global payments systems.
TerraClassicUSD
$0.02113
TerraUSD (UST) is a decentralized and algorithmic stablecoin on the Terra blockchain.
Terraform Labs
Terraform Labs is a startup that created Terra, a blockchain protocol and payment platform used for algorithmic stablecoins.
Do Kwon began his professional journey as an engineer, contributing to tech giants Apple and Microsoft.