South Korea prosecutors raid crypto exchanges, offices for Luna investigation

"A total of 15 places, including cryptocurrency exchanges and related offices, were searched on Wednesday (July 20) for proof of allegations," a spokesperson told Reuters, without elaborating.

Investors have made fraud accusations against Korean developers Do Kwon and Daniel Shin, co-founders of blockchain platform Terraform Labs, which is affiliated with the failed crypto-currency.

Luna's value fell to practically zero in May with the collapse of stablecoin TerraUSD, which had been pegged to the U.S. dollar and was exchangeable with Luna.

Several employees of South Korea-based Terraform Labs were put on a no-fly list last month.