Woori Bank’s headquarters were searched and seized by South Korean prosecutors looking into crypto-related unlawful foreign exchange (FX) transactions. Commercial banks are under investigation by South Korea’s Financial Intelligence Unit (FIU) for $3.4 billion in unauthorized cryptocurrency transactions. Do Kwon, founder of Terra, is also being looked into for money laundering in South Korea and the United States. Woori Bank – Subject of Prosecution According to local news outlet Yonhap on September 22, the Daegu District Prosecutor’s Office’s Anti-Corruption Investigation Department searched and seized assets from the Woori Bank headquarters. The Prosecutor’s Office also investigated bank employees and managers for unauthorized cryptocurrency exchange activities. Prosecutors previously detained three Woori Bank employees 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. At Woori Bank and Shinhan Bank, the regulators discovered almost $3.4 billion in illicit foreign exchange transactions involving cryptocurrencies. Along with Terra-LUNA, prosecutors have looked into cryptocurrency exchanges and businesses for money laundering. Do Kwon and Daniel Shin are also being investigated for using phony firms to launder money to foreign accounts in Singapore. Over...