Terraform Labs Calls South Korean Prosecutor’s Case Against Founder Do Kwon ‘Highly Politicized’: Report
Terraform Labs is reportedly accusing South Korean authorities of giving in to public pressure when they issued a warrant of arrest against its founder Do Kwon.
Kwon currently faces legal actions following the crash of the cryptocurrency Terra (LUNA) and the stablecoin TerraUSD (UST).
A spokesperson for the Singapore-based firm tells The Wall Street Journal that prosecutors in Kwon’s native country overextended their authority in going after the troubled crypto developer since Luna is not a security covered by South Korea’s capital markets law.
“We believe, as do most in industry, that Luna Classic is not, and has never been, a security, despite any changes in interpretation that Korean financial officials may have recently adopted.”
The Seoul Southern District Prosecutors’ Office, which obtained the arrest warrant for Kwon, says that the 31-year-old is “obviously on the run” and not cooperating in the investigations.
Kwon denies the allegations on Twitter saying that he is not hiding from any government agency and is willing to clarify the issues against his company over the next few months.
The unnamed spokesperson says South Korean authorities expanded the meaning of security and politicized the case amid public scrutiny.
“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.”
As Kwon’s current whereabouts remain unknown, international policing organization Interpol already issued a red notice requesting law enforcers worldwide to help locate and arrest the Terra founder.
Don’t Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inbox
Check Price Action
Follow us on Twitter, Facebook and Telegram
Surf The Daily Hodl Mix
 
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured Image: Shutterstock/Tetiana Yurchenko/klyaksun
The post Terraform Labs Calls South Korean Prosecutor’s Case Against Founder Do Kwon ‘Highly Politicized’: Report appeared first on The Daily Hodl.
Go to Source
Author: Rhodilee Jean Dolor
