Do Kwon’s Terra Spokesperson says Authorities are Overreaching

Paigambar Mohan Raj
Source: Gadgets 360

The Terra debacle has still not come to a conclusion. After the epic fall, and the recent arrest warrant from not just Korean authorities, but from Interpol as well, the case of CEO Do Kwon and his firm Terraform Labs is one straight out the television.

In a recent interview with the Wall Street Journal (WSJ), a spokesperson for Terra claimed that the authorities involved in the case are overreaching. The firm sent a statement to the WSJ, in which they claimed that LUNA was not legally a security. Hence, the asset does not come under the South Korean capital-markets law. In response to pressure from the public over the collapse of Luna, the Terraform Labs representative claimed that South Korean authorities had extended the meaning of a security.

Furthermore, the spokesperson said that the case had become highly “politicized,” and the actions of the Korean authorities were unfair and did not uphold basic rights.

Is the Terra CEO on the run?

Terra’s spokesperson did not disclose CEO Do Kwon’s location “due to ongoing physical security risks to him and his family.” However, the spokesperson did say that “he is not on the run and remains actively involved in the management and oversight of Terraform Labs.”

There has been more controversy in the case after allegations of the Luna Foundation Guard (LFG) moving 3313 Bitcoins (BTC), worth over $69 million to two exchanges outside South Korea. However, the firm has denied any such activity.

However, the Terra projects seem to be rather unaffected by the news. Although LUNC and LUNA did tank for a moment, both projects surged right after. At press time, LUNC (Luna Classic) was trading at $0.00027525, up by 108.1% in the last 30 days. On the other hand, LUNA was trading at $2.47, up by 49.9% in the 30 days.