Terraform Labs believes that the company and Do Kwon are being unfairly acted by Korean prosecutors following the collapse of UST and Luna, Korea has politicized the case and failed to uphold the basic rights granted guaranteed by Korean law.
According to Terraform Labs shared with the Wall Street Journal on September 28, Korean prosecutors are taking “unfair” actions against the company and Do Kwon after the collapse of LUNA/UST in May 2022.
“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,”
Prosecutors have charged Kwon, a South Korean citizen, with violating the country’s capital markets laws, after prosecutors treated Terraform’s Luna cryptocurrency, now Luna Classic, as a security. The company denied that assertion.
The company expressed its objection to the September 14 arrest warrant issued by South Korean prosecutors against Kwon and his 5 associates.
“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,”A spokesperson for Terraform Labs told the WSJ
Currently, South Korea is still trying to investigate this shocking cryptocurrency crash and uses many measures to arrest Do Kwon, the most egregious move is the request for a red notice from Interpol for with the founder of LUNA.
In the face of all the accusations made by Korean prosecutors against him, Do Kwon still “lives normally”, denies all charges and refuses to reveal his position to defend himself.
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