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South Korean Court Rules Terra Classic (LUNC) is Not a Security

• South Korean Court Ruling determined that Terra Classic (LUNC) is not a security.
• U.S. authorities disagree with the Korean court’s assessment of LUNC as non-security.
• Prosecutors attempted to take more than $100 million from Shin Hyun-Seung over his involvement in the collapse of Terra network, but were denied by the court.

South Korea Court Rules Terra Classic (LUNC) is Not a Security

The Seoul Southern District Court recently found on February 16 that “it is difficult to see LUNC as a financial investment product regulated by The Capital Markets Act”. This meant that prosecutors would not be able to take any of Shin Hyun-Seung’s (aka Daniel Shin) assets, who was involved in the collapse of the Terra network.

U.S Regulators Disagree

Prosecutors had sought to take more than $100 million in Shin’s assets in November, however it was denied by the court and upheld despite two pleas for reconsideration made by prosecutors to the Supreme Court of Korea on March 20 and Apr. 14 respectively. Do Kwon, co-founder of Teraform Labs, has been arrested earlier in Montenegro and faces charges for documents forgery; both U.S and South Korean authorities have requested extradition from him. Contrary to South Korea’s ruling, U.S Securities and Exchange Commission (SEC) has classified Luna Token as crypto asset security when they filed a lawsuit against Teraform Labs and its co-founder earlier this year over their roles in collapsing Terra tokens.

Shin Hyun Seung Assets Protected From Forfeiture

As Luna Token is not seen as a security according to South Korean court ruling, prosecutors will not be able to take any of Shin Hyun-Seung’s assets which were sought priorly for forfeiture due to his involvement in the collapse of Terra network last year as mentioned above in point 1 & 2 .

Do Kwon Arrested For Documents Forgery Charges

Teraform Lab’s co-founder Do Kwon was arrested earlier this year in Montenegro after being charged with documents forgery charges which have been requested for extradition from both US & South Korean Authorities . Furthermore , he has been sued by US Securities & Exchange Commission (SEC ) along with his firm Teraform labs due to their role in collapsing terra tokens .

Conclusion To summarise , South Korea recently ruled that Lunc token issued by terra classic does not constitute a financial securities while Us authority disagrees with this decision . As per ruling no assets can be taken away from shin hyun seung while do kown has been arrested under document forgey charges and sued by SEC .