Terraform Labs – the organization behind Terra’s blockchain advancement has expressed solid objections to the way Korean authorities are treating the organization and Do Kwon.
On September 28, Terraform Labs advised the Wall Street Journal that Korean prosecutors have been taking “unfair” action towards the organization following the LUNA / UST crash in May 2022..
The company behind the failed cryptocurrencies TerraUSD and Luna accused South Korean prosecutors of overriding their authority, two weeks just after issuing an arrest warrant for its CEO, Do Kwon https://t.co/X1z1KhTB5B
– The Wall Street Journal (@WSJ) September 28, 2022
“This case has become highly politicized and the actions of Korean prosecutors exceed their limits and fail to defend the fundamental rights guaranteed by the laws of our country.”
The culmination of the situation started about two weeks in the past, when a Korean court allegedly issued an arrest warrant for Terraform Labs founder Do Kwon and two other colleagues. In addition, the Korean government also asked the International Criminal Police Organization (Interpol) to concern a red arrest warrant for Do Kwon and an buy was officially issued by Interpol shortly just after.
However, Do Kwon swiftly expressed on Twitter that he was nevertheless “unharmed” and mentioned he was not working away, prepared to cooperate with the investigation when needed. In actuality, nevertheless, Do Kwon had by now left Singapore, his property and principal base of operations for Terraform Labs, when the needed warrant was manufactured public.
Finally, Terraform Labs states that LUNC (formerly LUNA) is not classified as a stock, and thus Korean capital market place laws will not apply to the organization.
“We believe that, like most industries, Luna Classic (LUNC) is not and never has been a stock, despite any changes in interpretation that South Korean financial officials may have recently applied.”
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