Do Kwon’s case with the South Korean authorities has been one that has been on the lips of everybody in the crypto market ever since it entered the mainstream media. According to a new statement released by the spokesperson of Terraform Labs, the company believes that this hunt for its CEO has some political connection. The spokesperson mentioned that the company views the matter that way after the agency in charge of the prosecution succumbed to public pressure to broaden the definition of security.
Authorities issued a warrant against Do Kwon
In a statement to WSJ, the spokesperson mentioned that the case has now turned into a game of politics with the authorities refusing to demonstrate the accurate fairness expected of them. The statement also mentioned that they have failed to protect the right of the person of interest, which was enshrined in Korean law. Some weeks ago, authorities in South Korea issued an arrest warrant for Do Kwon over his violation of the market laws of the country.
However, the company kicked back at the warrant, stating that its digital asset cannot be recognized as security, hence is not covered by the laws that the agency said the company broke. The spokesperson mentioned that even though authorities were aware that the coin didn’t satisfy the requirements of being a security, they found a way to expand that definition due to the public interest.
Terra claims its CEO is not hiding
Terra claims that it still holds its grounds that none of its coins can be classified as a security even though authorities in the country are trying to shift the definition of what security should be called. This focal point is Terra using a stronghold regarding digital asset companies that still have to follow unclear rules and regulations in the country. As it stands, the law does not cover tokens that are on a blockchain.
However, the country is moving ahead to create a regulatory framework for securities that could go live by the end of this year. A previously leaked document showed that the country is currently working on crypto laws, with it planned to be released in 2024. Do Kwon remains in the shadows, with his current location still unknown to authorities or the general public. The company also claims that it is holding off on giving out its location for delicate reasons. However, it states that Do Kwon is not in hiding, even after several reports claim that his file has been forwarded to Interpol to fish him out.