The week-long Terra-LUNA investigation by South Korean authorities has ended, as reported by the local news media. The search and seizure of several virtual exchanges allegedly linked to the collapse of the Terra ecosystem and the LUNA coin is finally coming to an end.
As reported by South Korean news publication Yonhapnews, the investigation was conducted by the legal team, including Seoul’s South District Public Prosecutor’s Office, and lasted from July 20 to 27.
“The forensic work on the digital data of the exchange needed for the investigation has taken a long time,” said a prosecutor.
The search and seizure were initially launched on July 20 when major revelations came from South Korea about the Terra-LUNA collapse.
The Terra-LUNA collapse had put 7 exchanges under the radar
Major cryptocurrency exchanges, including Upbit, Bithumb and Coinone, were raided, along with four smaller local exchanges. The raids were also extended to eight other locations, including the homes and workplaces of those involved in the investigation, local press said.
According to local reports, the conclusion of the investigation provides the information that prosecutors have collected secure data regarding Do Kwon and Shin Hyun’s transaction records and also the flow of funds.
“The amount of data requested by the prosecution was so enormous that it was impossible to complete the search and seizure within a day.” “If the data was insufficient while conducting forensics, it appears that it took time because the prosecution requested that more data be extracted through a data analyst,” an exchange official said.
Since the investigation has been completed, prosecutors will begin a full analysis of the seized data. Recently, Terraform Labs CEO, Do Kwon, was also: issued with a ‘message on arrival’. The fall of the Terra ecosystem was one of the biggest and most impactful events in the crypto realm.