The Terra debacle has still not come to an end. After the epic fall and the recent arrest warrant of not only the Korean authorities, but also Interpol, the case of CEO Do Kwon and his firm Terraform Labs is one that comes straight from television.
In a recent interview with the Wall Street Journal (WSJ), a spokesperson for Terra claimed that the authorities involved in the case are going too far. The company sent a statement to the WSJ, claiming that LUNA was not a security by law. The asset is therefore not subject to the South Korean Capital Market Act. In response to public pressure over Luna’s collapse, the Terraform Labs representative claimed South Korean authorities had expanded the meaning of a security.
In addition, the spokesman said that the matter had become highly “politicized” and that 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.” But the spokesperson did say that “he is” not on the run and remains actively involved in the management and oversight of Terraform Labs.”
More controversy has arisen in the case following allegations that the Luna Foundation Guard (LFG) has moved 3,313 Bitcoins (BTC), worth more than $69 million, to two exchanges outside South Korea. However, the company has denied such activity.
However, the Terra projects seem pretty unaffected by the news. although LUNC and LUNA refueled for a moment, both projects skyrocketed right after. At press time, LUNC (Luna Classic) was trade at $0.00027525, up 108.1% over the past 30 days. On the other hand, LUNA was: trade at $2.47, up 49.9% in the 30 days.