Prosecutors raided seven local cryptocurrency exchanges on Wednesday as part of an investigation into a fraud case in connection with the collapse of Terraform Labs' digital coins, TerraUSD and Luna, officials said.

A team of investigators from the Seoul Southern District Prosecutors Office began seizing transaction records and other materials from Upbit, Bithumb, Coinone and four other local exchanges around 5:30 p.m., they said.

The team was also conducting raids on eight other places, including the homes and offices of people involved in the case.