In its recent ruling, the Seoul Southern District Court noted that it finds it challenging to view LUNC as a financial investment product.
The SEC’s lawsuit claimed that LUNC and other Terra crypto assets were offered and sold as investment contracts, hence qualifying as a security. While Shin is situated in South Korea, Kwon’s lawyers havethe SEC’s classification of Terra assets as securities, and the law firm is also challenging the jurisdiction of the U.S. regulator. Kwon’s case may be bolstered by the recent decision in South Korea, which recognizes LUNC as a non-security.
suggests that Kwon had allegedly paid $7 million to a top law firm in South Korea before Terra’s ecosystem collapsed. This news may raise further questions about the legitimacy of Kwon’s actions and the Terraform Labs company as a whole. The ongoing legal proceedings will undoubtedly bring more clarity and closure to the matter, but for now, the recent court decision in South Korea marks a positive step forward for Kwon and Terra. Despite the news, LUNC is down 2.
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