Terra (LUNA) drops 40% since its recent peak, but does not give up!

The story of the collapse of Terraform Labs’ crypto Terra (LUNA) ecosystem has been around the world. The case continues to be at the heart of the news, with Do Kwon (founder of Terraform Labs), accused of fraud and wanted by the South Korean authorities. Terraform Labs recently stepped up to protest against the strong politicization of the Luna affair in South Korea.

Terraform Labs accuses South Korean prosecutors

In South Korea, the Luna affair is on everyone’s lips. Terraform Labs said South Korean prosecutors are exaggerating in their actions regarding the Luna case. According to the company, they are showing injustice and overriding Korean law in this matter.

We believe that this case has become highly politicized, and that the actions of Korean prosecutors demonstrate the injustice and failure to uphold basic rights guaranteed by Korean law.said Terraform Labs.

Separately, Terraform Labs indicated that LUNA was not legally classified as a title. In turn, there is no reason for South Korean capital markets law to apply to LUNA. “We agree with most in the industry that Luna Classic is not, and never has been, a stock, despite changes in interpretation that Korean finance officials may have adopted recently.said a Terraform Labs spokesperson.

At the same time, it was learned that the South Korean court had issued an arrest warrant for Do Kwon. Note that this arrest warrant also concerns two of Do Kwon’s colleagues at Terraform Labs. That said, Do Kwon said that he nevertheless made no effort to flee from the authorities.

May saw the collapse of the algorithmic stablecoin TerraUSD (UST) and its native token Terra (LUNA). The case quickly gained a lot of media coverage and upset several crypto markets. Recently, Terraform Labs accused South Korean prosecutors of fostering this heavy media coverage and showing bias.

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