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Terraform deems South Korea’s Do Kwon arrest warrant ‘unfair’

Terraform deems South Korea's Do Kwon arrest warrant 'unfair'

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Terraform Labs has described the arrest warrant issued by the South Korean prosecutor for its CEO Do Kwon as an overreach by the authorities. The Wall Street Journal reported on September 28

Citing Terraform’s statement, the WSJ wrote that a company spokesperson claimed that the failed Luna crypto-asset was not a security and therefore not covered by South Korea’s capital market law.

The spokesperson is reported to have said:

“We believe that this case has become highly politicized and that the actions of Korean prosecutors demonstrate injustice and negligence in upholding fundamental rights guaranteed by Korean law.”

Terraform Labs went on to say that public pressure might have forced prosecutors to expand the definition of securities. According to the company, Luna is not a security.

“We believe, as do most industries, that Luna Classic is not and has never been a security, despite the recent adoption of interpretation changes by the Korean financial authorities.”

Terraform did not disclose Kwon’s location

The crypto firm declined to disclose Kwon’s location, citing hacking attempts at his residences in South Korea and Singapore. According to Terraform, Kwon’s location is a private matter due to security risks.

South Korean authorities had announced that Kwon had escaped, adding that he had been cooperative. The country recently placed Terra’s founder on an Interpol red notice.

Meanwhile, Kwon has denied the allegations, saying he has been cooperative and has not absconded. According to him, the company has defended itself in several jurisdictions.

Terra’s co-founder testifies before South Korean lawmakers

Terra co-founder Daniel Shin will testify at South Korea’s National Assembly, according to local media.

The report stated that crypto industry representatives such as Dunamu CEO Lee Sirgoo, Bithumb Chairman Lee Jeong-hoon, Tchai Holdco CEO Shin Hyun-Seung, and DSRV Labs CEO Kim Ji-Yoon would also attend the three-week annual event. check. The parliamentary inspection starts on October 4.



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