Cryptocurrency fugitive company Do Kwon charges South Korean prosecutors with excessive trespassing

The company behind failed cryptocurrencies TerraUSD and Luna have accused South Korean prosecutors of overstepping their authority, two weeks after they issued an arrest warrant for its chief executive Do Kwon.

Terraform Labs Pte. Ltd. made Kwon’s defense in a statement to The Wall Street Journal on Wednesday. A spokesman for the Singapore-based company said in the statement that Luna is legally not a security, meaning it is not regulated by South Korea’s capital markets law.