South Korea is investigating two largest commercial banks — Woori Bank and Shinhan Bank — over "abnormal" transactions, the Financial Times reports, citing the Financial Supervisory Service.
According to the report, unusual transactions worth $3.1 billion, which also involved crypto investment schemes, have taken place since February 2021. The banks are ordered to collect data from January 2021 to June 2022 and submit the results by the end of July.
The FSS reportedly learned about the transactions after Seoul's prosecutors raided several cryptocurrency exchanges as part of an ongoing investigation into the Terra crash.
As iHodl reported, the Seoul Southern District Prosecutors Office started seizing transaction records from Bithumb, Upbit, Coinone and four other unnamed local exchanges. The prosecutors reportedly also raided homes and offices that belong to people involved in the case.
