Terraform Labs says South Korean prosecutors have overextended their authority in seeking a warrant for the arrest of CEO Do Kwon, according to the Wall Street Journal. By NelWang
A Terraform spokesperson claimed that its luna cryptocurrency wasn’t a security, meaning it wasn’t covered by South Korea’s capital markets law.
“We believe that this case has become highly politicized, and that the actions of the Korean prosecutors demonstrate unfairness and a failure to uphold basic rights guaranteed under Korean law,” the spokesman said. Luna and its associated algorithmic stablecoin terraUSD collapsed in value in May, causing thousands of investors to lose billions of dollars.for Kwon. The spokesman who wrote to the Wall Street Journal declined to identify Kwon's location, citing"ongoing physical security risks to him and his family" and noting there have been attempts to break into his residences in South Korea and Singapore.
Kwon has yet to issue a statement via Twitter, but in prior tweets he has maintained that Terraform Labs is defending itself in multiple jurisdictions.that Kwon was"obviously on the run" and not cooperating with investigators.
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