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Terraform Labs Criticizes the South Korean Authorities

Terraform Labs Co-founder Do Kwon Reportedly Arrested in Montenegro
  • The Terraform representative accused South Korean prosecutors of exceeding their jurisdiction.
  • The spokesman says the case regarding Do Kwon is ‘highly politicized.’

The Terraform Labs representative recently claimed in a statement that the South Korean authorities are overstepping their bounds by obtaining a warrant for the detention of Terra founder, Do Kwon

Terra representative stated: 

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.

The spokesperson also declared that the firm’s previous native cryptocurrency, LUNA, was not legally security and it was not subject to South Korea’s capital markets law.

Do Kwon vs South Korean Authorities

The Seoul Southern District Prosecutors’ Office announced earlier this month that it had received an arrest warrant for Do Kwon, who had been staying in Singapore after the collapse of LUNA and TerraUSD (UST). Following this, the Singapore Police claimed he had left the city a few days later. 

His current whereabouts are still unknown. Regarding this, the Seoul prosecutors have recently expressed that Kwon is “clearly on the run.” However, the terra founder tweeted that he is not “on the run”. Also, the spokesperson for TerraLabs refuses to reveal Kwon’s current location. He mentioned that his homes in South Korea and Singapore had been the target of attempted break-ins.

Spokesperson added: 

 Do Kwon’s location has been a private matter for months due to ongoing physical security risks to him and his family.

Moreover, the Terra ecosystem’s Luna Classic (LUNC) is currently trading around $0.0002745 with a one-day trading volume of $700,256,622. LUNC has increased by nearly 1.30% in the 24 hours, as per CMC

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