Shock Improvement! Cryptocurrency Raid on Multinational Bank!

South Korea’s Financial Intelligence Unit (FIU) continues to investigate $3.4 billion in illegal cryptocurrency transactions by commercial banks. It has been reported that prosecutors in South Korea recently searched the headquarters of Woori Bank to investigate illegal foreign exchange transactions using cryptocurrencies, and within the scope of the investigation, they seized some evidence to shed light on the incident.

Investigation Continues at Full Speed
Daegu District Attorney’s Office’s Anti-Corruption Investigation Department searched the headquarters of the multinational South Korean bank Woori Bank on September 22 and seized some evidence to shed light on the incident as part of the investigation, local media Yonhap reported. The prosecution is also reportedly questioning bank employees and a manager about illegal foreign exchange transactions using cryptocurrencies. Prior to that, three people from Woori Bank were arrested in court for allegedly founding fictitious companies, trading cryptocurrencies without reporting, providing false financial data to banks, and engaging in illegal foreign exchange transactions worth $302 million. Prosecutors argue that a former branch manager was also involved in illegal foreign exchange transactions using cryptocurrencies.

South Korea’s Fiscal Intelligence Unit (FIU) and Fiscal Supervisory Service have been investigating cases of cryptocurrency laundering through banks between May 2021 and June 2022. Trust Korean regulators uncovered related illegal foreign exchange transactions using over $3.4 billion in cryptocurrencies at Woori Bank and Shinhan Bank as part of the investigation. Prosecutors are also busy investigating cryptocurrency exchanges and cryptocurrency companies for money laundering as well as the collapse of the Terra ecosystem. Terra’s founders, Do Kwon and Daniel Shin, are accused of laundering money into overseas accounts in Singapore through shell companies.

South Korea, which has become the leading cryptocurrency market in the last two years, has seen a huge increase in illegal foreign exchange transactions using cryptocurrencies. According to government data, 75 percent of illegal currency transactions in the country are linked to cryptocurrencies.

Extradition Request for Do Kwon South Korea’s Prosecutor’s Office issued a red notice for Do Kwon as part of its investigation into the collapse of the Terra ecosystem. Prosecutors believe Do Kwon fled after Singapore police confirmed he was no longer in the country. Prosecutors are working to extradite Do Kwon to South Korea over arrest warrants for violating capital markets law.

On the other hand, the prices of the local assets of the Terra ecosystem Terra (LUNA) and Terra Classic (LUNC) continue to fall after South Korea issues arrest warrants for Do Kwon and five others.