A South Korean court on Monday has dismissed security violation charges against Terraform Labs Co-Founder, Daniel Shin, saying LUNA token was not a security.
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According to a report from a local news outlet Ilyo Sinmun, the southern district court in Seoul couldn't find security properties in the token, saying "it is difficult to see Luna Coin as a financial investment product regulated by the Capital Markets Act."
Shin's lawyer noted the court rejected "all of the prosecution's 10 or so requests for arrest warrants."
Despite the ruling, the US Securities and Exchange Commission (SEC) still believes that Terraform Labs boss, Do Kwon, orchestrated a multi-billion dollar crypto asset securities fraud.
In February this year, the SEC charged Kwon, claiming he had failed to provide the public with "full, fair, and truthful disclosure as required for a host of crypto asset securities, most notably for LUNA and Terra USD."
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