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The firm behind failed cryptocurrencies TerraUSD and Luna accused South Korean prosecutors of overreaching their authority, two weeks after they issued a warrant for the arrest of its chief executive, Do Kwon.

Terraform Labs Pte. Ltd. laid out Mr. Kwon’s defense in a statement sent to The Wall Street Journal on Wednesday. A spokesman for the Singapore-based firm said in the statement that Luna wasn’t legally a security, which would mean that it isn’t covered by South Korea’s capital-markets law.


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