Lawyers from investors who sued Terra (LUNA) who came from the South Korean government are seen in the completion stage of the investigation process.
After investigating the parties responsible for Terraform Labs as well as the companies involved in investments and transactions, the prosecution appears to have found evidence of unlawful manipulation.
Terra Investigation Completed
Terraform Labs prosecutors are reported to have investigated several parties tied to the Terra project (LUNA).
Some of the parties involved are one of the founders of Terraform Labs, namely Daniel Shin and several companies that are bound as subsidiaries of Terraform Labs and are considered to have entered into LUNA transactions.
The party conducting the investigation reportedly experienced difficulties due to the party being investigated covering up a lot of information, but in the end, it was all open.
According to a report from the South District South Korean Public Prosecutor, through his investigative team, investigations were carried out on 15 company locations and homes.
There are seven crypto trading exchanges that are part of the investigation, including Bithumb, Coinone, and Upbit.
It should be noted that the prosecution did not investigate these exchanges but investigated the individuals on those exchanges who were responsible for transactions with Terraform Labs and the trading of the LUNA which is now LUNC.
This investigation comes after the discovery that some of the founders of Terraform Labs knew that Terra’s demise was imminent and deliberately continued operations without warning to investors.
The discovery occurred in May 2022 after an investigation into several parties associated with the founder of Terraform Labs.
The prosecution has also launched an investigation into Terraform Labs co-founder Daniel Shin. It is reported that the investigation was carried out at the home of Daniel Shin and two other companies namely Chai, a technology finance company tied to Terra, as well as an unnamed venture capital firm.
There Is Evidence Of Violation Of The Law
After the investigation, the prosecution stated that Daniel Shin and Do Kwon knew that the Terra project would be destroyed and became the basis for a lawsuit for illegality in market manipulation and fraud.
Some of the findings have given the prosecution the right to restrict some of Do Kwon and Daniel Shin’s movements. This means that the results of the investigation found strong evidence.
Until now, it was reported that Daniel Shin was prohibited from leaving South Korea for further investigation.
In addition, as a result of this evidence, the prosecution has the right to extradite Do Kwon, whose current existence is outside South Korea.
The right of extradition allows the government in South Korea to request cooperation from other countries to find and detain suspects.
So for now it looks like the prosecution is getting closer to getting the founders of Terralabs Form to pay for its guilt through the law.
Even though it seems that they have left 15 investigation sites, the authorities and investigators seem to be looking for additional data to take up to a week.
“It took us a long time to find the data we need through digital forensic methods from confiscated goods. We also need time to examine the relevance of the data to this case.’” said the investigator.
It turned out that from this extra time, investigators or investigators obtained evidence of money laundering cases and attempts to erase evidence, not only from Terralabs Form but also from other companies involved.
One example is Upbit, whose subsidiary, Dunamu & Partners, was seen violating the law by deleting evidence, namely by selling LUNC obtained in 2018 into Bitcoin to avoid legal proceedings.
Given the current state of affairs, it seems that the future of the Terra (LUNA) and Terra Classic (LUNC) blockchains looks to be in jeopardy.
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