- LUNA price posted nearly 9% losses after South Korean authorities raided the offices of fifteen entities linked to Terra collapse.
- Upbit, Bithumb, Coinone, Korbit and Gopax are the top exchanges among the fifteen entities raided by South Korean Authorities.
- Authorities obtained data related to TerraUSD and LUNA transactions in which more than 200,000 investors suffered losses.
South Korean prosecutors raided 15 entities linked to the collapse of Terraform Lab’s sister tokens, LUNA-UST. Their investigation and the raid on top Korean crypto exchanges was followed by a crash in LUNA price.
Also read: UK financial watchdog says “non-negotiable” crypto regulation a must after Terra LUNA crash
South Korean authorities raid exchanges for physical evidence
The Seoul Southern District Prosecutor’s Office searched exchanges and entities to secure physical evidence needed to prove the allegations against Terra. Prosecutors executed a search and seizure across fifteen entities, including seven crypto exchanges.
According to a report for News1 Korea, the Joint Financial and Securities Crime Investigation Team of the Seoul Southern District Prosecutors Office raided Upbit, Bithumb, Coinone, Korbit, and Gopax for their connection with Terra. According to local media reports, prosecutors raided Dunamu & Partners, the investment arm of Dunamu, the entity which operates the Upbit exchange.
Based on data obtained from the search, roughly 200,000 Korean investors suffered losses after the subsequent collapse in May 2022. Nearly 100 investors filed a complaint against Terraform Labs chief Do Kwon and cofounder Shin Hyun-Seung on fraud charges.
Three Arrows Capital, crypto hedge fund recently confirmed nearly $200 million in losses from the collapse of Terra LUNA. The firm released a statement arguing that
The Terra-Luna situation caught us very much off guard.
LUNA price started its decline post the raid
The news of the raid on Terraform Labs’ related entities started doing the rounds on July 20, 2022, following which LUNA price took a hit. LUNA price plummeted nearly 8% and struggled to recover. Analysts evaluating the LUNA price trend, identified Terra's direction after a successful price fractal.
For price levels and key information on LUNA’s next move, check this video:
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks

Ripple's XRP holds symmetrical triangle support as SEC acknowledges Bitwise XRP ETF filings
Ripple's XRP is down 3% on Tuesday despite the Securities and Exchange Commission (SEC) acknowledgment of Bitwise XRP ETF. Unchained Crypto noted that XRP ETF could underperform due to key fundamental issues.

Top 3 Price Prediction Bitcoin, Ethereum, Ripple: BTC, ETH and XRP could decline on FTX repayments pressure
Bitcoin (BTC) price has been consolidating between $94,000 and $100,000 for two weeks. Ethereum (ETH) and Ripple (XRP) faced a pullback earlier this week. BTC, ETH and XRP prices could decline further as FTX repayments could raise selling pressure.

Bitcoin stretches losses as CME premiums dip, Strategy aims to purchase $2 billion worth of BTC
Bitcoin (BTC) continued its downward trend on Tuesday as K33 Research's weekly report indicated growing declines in BTC CME premium and yields. BTC has shown a directionless movement since the presidential election, which suggests waning interest among investors.

How will Dogecoin price react to Elon Musk investigating the US SEC?
Dogecoin price hit $0.25 on Tuesday, plunging 10% in 48 hours as the market reacted to regulatory squabbles between Elon Musk-led D.O.G.E and the US SEC.

Bitcoin: BTC consolidates before a big move
Bitcoin price has been consolidating between $94,000 and $100,000 for the last ten days. US Bitcoin spot ETF data recorded a total net outflow of $650.80 million until Thursday.

The Best Brokers of the Year
SPONSORED Explore top-quality choices worldwide and locally. Compare key features like spreads, leverage, and platforms. Find the right broker for your needs, whether trading CFDs, Forex pairs like EUR/USD, or commodities like Gold.