Terraform Lawyers Say Do Kwon Case Has Become Political

• Terraform Labs dismissed accusations of a crypto crash, calling the case political.
• It also said the claims of capital-market violations lacked any rational foundation.
• The prosecutors denied responding to the biased claims and  requested Kwon to appear before the panel.

Terraform Labs, the blockchain firm of the sought-after entrepreneur Do Kwon, has dismissed accusations regarding a $60 billion crypto crash, saying the investigation against the founder had become political.

The report noted that representatives of the company accused prosecutors of injustice and a refusal to safeguard fundamental rights provided by Korean law. The spokesperson also asserted that the prosecutor’s claims of capital-markets legislation violations lacked any rational foundation.

In a text message shared with a Bloomberg reporter, the prosecutor’s office stated that it won’t respond to every biased assertion made by a fleeing suspect but that it would be acceptable for Kwon to appear before them immediately to clarify his stance.

South Korean authorities previously requested assistance from Interpol to track down Do Kwon for evading their probe. However, according to Terraform Labs attorneys, the entrepreneur communicates with all governmental entities that have wanted to connect with him. They added:

He is not on the run and remains actively involved in the management and oversight of Terraform Labs.

Yesterday, a report accused Kwon of attempting to flee with 3,333 units of Bitcoin (BTC), equivalent to $67 million, from the KuCoin and OKX exchanges the day after his arrest warrant came out.

He called the story fake news outright, proclaiming that he made no attempts to withdraw any Bitcoin and never used KuCoin and OKX exchanges in the last year.

While the report also alleged that he was denied access to the funds upon the attempted withdrawal, he clarified that “no funds of Terraform Labs, Luna Foundation Guard, or any other entities have been frozen.”