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<h2 id="header-0">Woori Bank&#39;s headquarters were searched and items were seized by South Korean prosecutors who were looking into cryptocurrency-related unlawful foreign exchange transactions.</h2>Commercial banks are under investigation by South Korea&#39;s Financial Intelligence Unit (FIU) for $3.4 billion in illegitimate cryptocurrency-related activities. Do Kwon, the founder of Terra, is also being looked into for money laundering in both South Korea and the United States.Woori Bank Is the Subject Of A Prosecution Regarding Illegal Crypto TransactionsAccording to local news outlet Yonhap on September 22, the Daegu District Prosecutor&#39;s Office&#39;s Anti-Corruption Investigation Department searched and seized items from the Woori Bank headquarters. The Prosecutor&#39;s Office also looked into bank employees and a manager for unauthorised cryptocurrency exchange activities.Three Woori Bank employees were previously detained by prosecutors on suspicion of creating fictitious businesses, engaging in cryptocurrency trading without disclosing it, providing banks with fake financial information, and carrying out $302 million in illicit currency exchange activities. Authorities think a former branch manager took part in unauthorised foreign exchange transactions involving cryptocurrency.Between May 2021 and June 2022, the Financial Intelligence Unit (FIU) and Financial Supervisory Service of South Korea are looking into bank-based cryptocurrency money laundering. At Woori Bank and Shinhan Bank, the regulators discovered almost $3.4 billion in illicit foreign exchange transactions involving cryptocurrencies. In addition to money laundering, prosecutors have looked into cryptocurrency exchanges and businesses related to the Terra-LUNA catastrophe. Do Kwon and Daniel Shin, the founders of Terra, are also under investigation for allegedly using phoney firms to launder money to foreign accounts in Singapore.In addition, over the past two years South Korea has emerged as the largest cryptocurrency market. However, it resulted in a sharp increase in illicit foreign exchange operations involving cryptocurrencies. According to government statistics, cryptocurrency is involved in 75% of the country&#39;s unlawful foreign exchange transactions.Attorneys are requesting Do Kwon&#39;s extradition.Do Kwon was added to the red list by Interpol at the request of the prosecutor&#39;s office in South Korea looking into the Terra-LUNA crash. After Singapore&#39;s police established that Do Kwon is no longer in the city-state, prosecutors theorise that he is on the run.Do Kwon is wanted by the prosecution to be returned to South Korea as a result of arrest orders that were issued for violating the Capital Market Act.Following the issuance of arrest warrants by South Korea for Do Kwon and five other people, the prices of Terra (LUNA) and Terra Classic (LUNC) have been falling ever since.

Bank raided by South Korean prosecutors for illegal FX transactions

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