A court in Seoul ruled that Luna is not a security, rejecting the prosecution's appeal to seize assets from Terra co-founder Daniel Shin

ChainCatcher news, according to South Korean media ilyo, the Seoul Southern District Court rejected the prosecution's appeal for the confiscation request against Terraform Labs co-founder Daniel Shin, ruling that the cryptocurrency Luna is not a security.

The court stated, "It is difficult to conclude that Luna Coin is a financial investment product regulated by the Capital Markets Act." Other courts in the Southern District also expressed reservations about whether Luna is a security when rejecting the arrest warrant, including "jurisprudentially controversial" and "whether it can be used is questionable under the Capital Markets Act." (source link)