erraform Labs Sdn. Bhd. Ltd. is accusing South Korean investigators of being unjustified and breaching the fundamental rights of its founder and CEO, Kwon Do Hyung, also known as Do Kwon, who is evading authorities investigating the multibillion-dollar collapse of the Terra-LUNA stablecoin project.
The company's primary complaint is about the arrest warrant issued by South Korean prosecutors on September 14 for Kwon and his five affiliates. The warrant claimed that Kwon, a South Korean citizen, infringed the country's capital markets law after prosecutors classified Terraform's Luna cryptocurrency, now known as Luna Classic, as security. That assertion is denied by the company.
In addition to the arrest warrant, South Korean prosecutors requested that his passport be revoked and that the International Criminal Police Organization issue a "Red Notice" to him. The notice requests that agencies of law enforcement in 195 member countries locate and apprehend an individual.
Kwon, on the other hand, claimed on his verified Twitter account that he is making "zero efforts to hide" and is prepared to cooperate with any federal agency that wishes to communicate with him.
The platform’s spokesperson declined to disclose the CEO’s current location in the WSJ interview posted on Wednesday U.S. time, citing reported threats to the founder of the company and his family's physical well-being. There have been reported attempts at breaking into his homes in both South Korea and Singapore.
Kwon's wife undoubtedly sought emergency security from Seoul police after a South Korean male claiming to be a shareholder in the Terra-LUNA stablecoin project paid a visit to their family home in search of him. For breaking and entering, the man received an overview indictment and a fine of one million Korean won (approximately $700).
Prosecutors in South Korea have been investigating Kwon and former and current Terraform Labs staff for fraud and unpermitted deposit-taking since May.
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