A South Korean district court has dismissed charges of security violations against former Terraform Labs CEO and co-founder Hyun-seong Shin. The court deemed LUNA (LUNA) (the native token of the LUNA ecosystem) as non-security under Korea’s Capital Markets Act.
The southern district court in Seoul dismissed the prosecution’s appeal for confiscating Shin’s properties and his arrest based on securities law violations. The prosecution argued that Luna’s fraudulent transactions breached Capital Market Act in addition to crimes involving property (fraud), making property confiscation a possibility, a local daily reported.