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Terra (LUNA) Not Proved to Be Security According to South Korean Court

Mon, 04/24/2023 - 12:21
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Yuri Molchan
South Korean media reports that, similarly to other cryptocurrencies, LUNA is not considered a security in that country
Terra (LUNA) Not Proved to Be Security According to South Korean Court
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Chinese crypto journalist and blogger Colin Wu has shared a link to a South Korean media outlet that stated that a Seoul court rejected claims that LUNA cryptocurrency is a security.

He also noted that in the majority of previous trials undertaken by various courts in that country, the judges did not find cryptocurrencies to be securities and, therefore, they are not investment products that fall under regulation by the Capital Market Act.

The investigation of South Korean prosecutors against Terraform Labs, which issued digital currency LUNA, hit a snag after the Seoul Southern District Court dismissed allegations that LUNA was a security.

The former chief executive of Terraform Labs, Shin Hyun-seong, was present in court in early December last year where he was interrogated as a suspect before he was arrested.

Now, the appeal of the prosecutors against the dismissal of Shin Hyun-seong has been rejected by the court. Prosecutors did not get an arrest warrant for Hyun-seong and other former top managers of Terraform Labs.

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As covered by U.Today earlier, the founder of Terra, Do Kwon, was arrested in Montenegro. Local authorities shared that they had arrested a person who looked like Kwon and matched his facial description. Later on, the analysis based on finger prints and other factors proved that the individual taken into custody was indeed Kwon.

The fact of his arrest was later confirmed by the authorities of South Korea. Kwon was accused of breaking the laws of South Korea, which led to the collapse of Terraform Labs and its native token LUNA, and caused massive damage to investors and the whole cryptocurrency market last year.

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About the author

Yuri is a crypto journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future in many of its aspects. ‘Hodls’ major cryptocurrencies and has written for multiple crypto media outlets. 

His articles have been quoted by such crypto influencers as Tyler Winklevoss, John McAfee, CZ Binance, Max Keiser, etc.

Currently Yuri is a news writer at U.Today and can be contacted at