Prosecutors Conduct Three Consecutive Days of Raids in 'Terra·Luna Incident'...Including Homes of Parent Company and Affiliate CEOs

[Image source=Yonhap News]

[Asia Economy Reporter Yoo Byung-don] The prosecution, investigating the 'Terra·Luna crash incident,' is accelerating the investigation by conducting raids on most domestic corporations related to Terra and Luna over three days.

According to the legal community on the 24th, the Joint Investigation Team for Financial and Securities Crimes at the Seoul Southern District Prosecutors' Office (Head Dan Sung-han) conducted raids on a total of about 15 locations, including seven cryptocurrency exchanges and affiliates of Terraform Labs, over three consecutive days from the 20th to the 22nd.

Among the 15 locations raided this time, the parent company of Terraform Labs was also included. This company is led by Shin Hyun-sung, chairman of the board of the social commerce company TMON, and is located on the same floor and in the same building as Company A, a subsidiary of Terraform Labs and a special purpose company (SPC).

[Image source=Yonhap News]

The prosecution is also reported to have raided the residence of CEO Kim of Company B, which is suspected to act as Terraform Labs' Korean branch. CEO Kim is a developer who served as vice president of the technology division at Terraform Labs and joined the Terra project from its early stages. In fact, Company B maintained a close relationship with Terraform Labs until recently. After the Luna crash, CEO Kwon Do-hyung announced the 'Terra Revival Project' to the community and directly mentioned Company B as the company responsible for building the core infrastructure.

The prosecution also raided Company A, a subsidiary of Terraform Labs, and is investigating whether these companies, along with the Singapore corporation and the Virgin Islands corporation, a tax haven, served as channels for funds. Accordingly, a comprehensive prosecution investigation into the flow of funds among Terraform Labs' affiliated corporations is expected to proceed.

As the investigation gains momentum, there is also interest in when CEO Kwon, who is at the center of this case, will be questioned. CEO Kwon is currently presumed to be in Singapore, but his exact whereabouts have not been confirmed. The prosecution is reportedly considering ways to secure his custody through Interpol red notices and other measures.

This content was produced with the assistance of AI translation services.