Cardano Founder Believes That the Terra Investigation in South Korea is Quickly Heating Up


South Korea is quickly escalating the Terra investigation, according to the founder of Cardano. In a Twitter post, Charles Hoskinson expressed his thoughts on the incident, claiming that the Terra investigations were moving along in South Korea rather quickly.

Reports claimed that the government prosecutors raided several South Korean exchanges yesterday. The purpose of the operation was to collect information for the ongoing investigations into the failure of Terra Luna and TerraUSD, which cost thousands of individuals their money.

Among the exchanges that were targeted were UpBit and Bithumb. Additionally, Terra’s collapsing currency transaction records were taken at the end of the raid.

Terra Boss Do Kwon and Co-founder Accused of Fraud

The raid comes after Luna and UST’s failure hurt several investors, who filed a lawsuit against Do Kwon and co-founder Daniel Shin. The investors maintained that the two conspired to defraud them millions of dollars. Do Kwon is detained in Singapore, which has no extradition agreement with South Korea. 

Prosecutors also searched Dunamu & Partners, the division of the parent business Dunamu that manages investments and Upbit and Bithumb. Dunamu is the owner of the South Korean cryptocurrency exchange Upbit.

Related: Terra 2.0 (LUNA) Has No Future: Bloomberg Experts Say

Prior Offences Amassing Evidence

Charles Hoskinson appears to be on the right track when he claims that the investigations are picking up speed. First off, after Terra’s collapse, numerous accusations and charges have been made against Do Kwon and Terraform Labs (TFL).

Every other day, it seems like the new proof is discovered. Only recently, Do Kwon had been using a shell firm to launder Terra’s funds.

Do Kwon and TFL, however, were already being looked into in South Korea for tax evasion and in the US for selling UST illegally even before this occurred. Moreover, the investigations launched following the failures of Luna and UST appear to have sped things up.

Read More: Korea and the Us Concur to Exchange Terra (LUNA) Investigation Data