A Korean Court has deemed LUNA not to be a security, making it the first time a court has been clear on the supposed properties of the token.
A South Korean District Court has declared that LUNA, the native token of the Terra ecosystem, is not a security.
The court also dismissed prosecutors’ requests to confiscate properties belonging to Singapore-based Terraform Labs co-founder Shin Hyun-Seong, and also arrest him along with other executives of the Singapore-based project.The Seoul Southern District Court categorically stated that LUNA is not considered a security, according to aby a local media outlet, ilyo on April 24.
Meanwhile, the latest ruling is notable in that other courts have not been clear on whether Luna is a securities token or not. Also, the court rejected multiple requests from prosecutors to issue an arrest warrant for the Terraform Lab’s co-founder and other executives, as stated by Shin’s lawyer. In addition, the Southern District Court in Seoul dismissed the prosecution’s claims to confiscate Shin’s properties, stating that “it is difficult to see that the property subject to the claim is a property acquired by a crime or an asset derived from it.
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