U.S. judge rules that Terraform Labs illegally sold unregistered crypto securities LUNA and MIR

ChainCatcher news, according to CoinDesk, U.S. District Judge Jed Rakoff in the Southern District of New York ruled in a summary judgment that Terraform Labs violated federal securities laws by selling its cryptocurrency to the public, illegally selling unregistered cryptocurrency securities LUNA and MIR.

Additionally, the judge barred two other defense witnesses from testifying, one of whom was set to testify about Terraform's custodial wallet activities, while the other was to outline Terraform's crypto economy to the jury.