Terraform Labs believes South Korean prosecutors have "highly politicized" the case against founder Do Kown after he was issued an arrest warrant, the firm told the Wall Street Journal (WSJ).
A spokesman for the Singapore-based firm told the WSJ, "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 company - which introduced failed cryptocurrencies TerraUSD and Luna - also believes the prosecutors are overreaching their authority as Luna wasn't legally secure, which would mean that South Korea's capital-markets law does not cover it.
"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 spokesman told the WSJ.
According to Blockchain.News, Kwon and five other Terraform Labs executives faced...
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