Korean Prosecutors Raid Seven Exchanges Amid Terra Probe

South Korean prosecutors raided local crypto exchanges on Wednesday, July 20, as part of the investigation on Terraform Labs. Yonhap reported, citing a message from the prosecution office. The raid saw a team of investigators from the Seoul Southern District Prosecutors seize transaction records and other data from seven exchanges. Upbit, Bithumb, Gopax, Korbit, and Coinone are among the raided exchanges. Also, the bust saw the investigators visit eight other residential and office addresses. These include the homes and offices…

Korean Police Ask Exchanges to Freeze Luna Foundation Assets

Police Demand that Korea's Big Five Exchanges Cooperate.   Seoul Metropolitan Police Agency has issued a request to five crypto exchange companies to freeze Terra’s Luna Foundation Guard’s assets. They reportedly took action following their discovery of suspicious pointers to embezzlement in the foundation’s funds. Terra USD (UST), an algorithmic stablecoin, depegged from its $1 peg, crashing to less than 10 cents earlier this month. Its sister coin LUNA also plummeted to almost zero, eliciting a backlash among its holders…