Supreme Court Declares TerraUSD and LUNA Not Financial Products: Investors Left in Shock!

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In a most riveting turn of events, the esteemed Supreme Court of South Korea has, with all the pomp and circumstance befitting such a momentous occasion, aligned itself with the lower courts in a decision that TerraUSD and its rather unfortunate sibling, LUNA, are decidedly not financial investment products. Who would have thought? 🤔

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According to the illustrious Korean newspaper, Etoday, the court has firmly rejected the prosecution’s rather desperate appeal, thus upholding the earlier decisions that have left many scratching their heads in disbelief. It appears that the court has taken a rather dim view of the notion that these digital tokens could be classified as anything remotely resembling a financial product. Perhaps they were just misunderstood? 😏

On the 23rd of January, the court, in a display of judicial restraint, turned down the prosecutors’ request to seize the assets of Terraform Labs co-founder, Shin Hyun-seong. The court, in its infinite wisdom, concurred with the lower courts that LUNA, in all its glory, does not meet the criteria set forth in Korea’s Capital Markets Act. The court’s statement, “related law and records show the lower court’s decision is valid,” is a delightful reminder that legalese can be as dry as a biscuit. 🍪

Capital Markets Act does not apply

Lawyer Kim Jung-chul from the illustrious Law Firm Woori has chimed in, declaring that this ruling not only dismisses LUNA’s security status but also confirms that the Capital Markets Act is as applicable to this case as a chocolate teapot. Asset seizure based on that law? Not a chance! 🍫

However, let us not be too hasty in our celebrations, for Shin and his merry band of Terraform executives still find themselves entangled in a web of fraud charges. Prosecutors, in their relentless pursuit of justice, allege that these gentlemen misled investors and engaged in a bit of market manipulation. How quaint! 😅

And let us not forget Do Kwon, the mastermind behind this grand debacle, who was recently extradited from Montenegro and graced a Manhattan court with his presence in January, facing federal fraud charges. A U.S. grand jury has indicted Kwon for allegedly inflating Terraform’s crypto prices and laundering funds. The collapse of Terra in May 2022, which obliterated over $40 billion, has left investors worldwide in a state of utter disarray. One can only imagine the dinner conversations that ensued! 🍽️

2025-02-19 10:44