WSJ: Terraform Labs says case against Do Kwon is 'highly politicized'
A spokesperson for the company behind Terra said he believes prosecutors bowed to public pressure and expanded the definition of a security after the collapse of its associated cryptocurrencies.< /p>
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Terraform Labs, the company behind the development of the Terra (LUNA) blockchain, says South Korea's case against its co-founder Do Kwon has turned political, alleging prosecutors have expanded defining security in response to public pressure.
“We believe this case has become highly politicized and that the actions of Korean prosecutors demonstrate an injustice and a failure to uphold basic rights guaranteed under Korean law,” a Terraform Labs spokesperson told The Wall. Street Journal on September 1. 28.
South Korean prosecutors issued an arrest warrant for Kwon on September 14 for violating the country's capital markets laws, but Terraform Labs filed a defense claiming that Terra (now known as Terra Luna Classic (LUC)) is not legally a security, which means it is not covered by capital markets laws.
The spokesperson accused prosecutors of expanding the definition of a security due to intense public pressure stemming from the collapse of Terra and its connected algorithmic stablecoin TerraUSD (UST), now known as from TerraClassicUSD (USTC).
"We believe, like most in the industry, that Luna Classic is not, and never has been, a security, despite everything...
A spokesperson for the company behind Terra said he believes prosecutors bowed to public pressure and expanded the definition of a security after the collapse of its associated cryptocurrencies.< /p>
New
Terraform Labs, the company behind the development of the Terra (LUNA) blockchain, says South Korea's case against its co-founder Do Kwon has turned political, alleging prosecutors have expanded defining security in response to public pressure.
“We believe this case has become highly politicized and that the actions of Korean prosecutors demonstrate an injustice and a failure to uphold basic rights guaranteed under Korean law,” a Terraform Labs spokesperson told The Wall. Street Journal on September 1. 28.
South Korean prosecutors issued an arrest warrant for Kwon on September 14 for violating the country's capital markets laws, but Terraform Labs filed a defense claiming that Terra (now known as Terra Luna Classic (LUC)) is not legally a security, which means it is not covered by capital markets laws.
The spokesperson accused prosecutors of expanding the definition of a security due to intense public pressure stemming from the collapse of Terra and its connected algorithmic stablecoin TerraUSD (UST), now known as from TerraClassicUSD (USTC).
"We believe, like most in the industry, that Luna Classic is not, and never has been, a security, despite everything...
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