South Korean Prosecutors Overreach in Issuing Arrest Warrant for Do Kwon, Terraform Labs Says

A Terraform Labs spokesperson accused South Korean prosecutors of overreaching their authority in issuing a warrant for the arrest of Terra founder Do Kwon, Wall Street Journal reports. The spokesperson claimed that $LUNA wasn't a security, meaning it wasn't covered by South Korea's capital markets law. "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 spokesman said.