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Terraform Labs has reportedly accused South Korean authorities of bowing to public pressure when it issued an arrest warrant for founder Do Kwon.
Kwon is currently facing legal action following the crash of cryptocurrency Terra (LUNA) and stablecoin Terra USD (UST).
Spokesperson for a Singapore-based company To tell Luna is not a security subject to South Korea’s capital market law, so prosecutors in Kwon’s country of origin have overextended their powers to pursue troubled crypto developers, according to The Wall Street Journal. Expanded.
Despite a change in interpretation that South Korean financial officials may have recently adopted, Luna Classic is not and has never been a security.
The Seoul Southern District Public Prosecutor’s Office, which obtained an arrest warrant for Kwon, said that Kwon “is obviously on the run and is not cooperating with the investigation.”
Kwon has denied the allegations on Twitter, saying he is not hiding from government agencies and is prepared to disclose his problems against the company in the coming months.
An unnamed spokesperson says South Korean officials have expanded the meaning of security and politicized the incident amid public scrutiny.
“This case is highly politicized and shows that the actions of South Korean prosecutors are unfair and do not support the fundamental rights guaranteed under South Korean law,” he said. believes.”
Since Kwon’s current whereabouts remain unknown, the international police organization Interpol has already issued a red notice urging law enforcement agencies around the world to locate and arrest Terra’s founder.
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Featured image: Shutterstock/Tetiana Yurchenko/klyaksun
