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A South Korean district court in Seoul ruled against the notion that Do Kwon's Terra Classic (LUNC) is a security under the country's Capital Markets Act.

Do Kwon's lawyers indicated that Coinbase does not list securities, and the SEC has not been granted the powers by Congress to regulate digital assets as securities or commodities.

A South Korean court dismissed charges of security violations against former Terraform Labs CEO Hyun-seong Shin, ruling that LUNA is not a security under the country's Capital Markets Act. The court rejected the prosecution's appeal for confiscation of Shin's properties and arrest, and stated that Luna is not a financial investment product regulated by the act.

Lawyers for Do Kwon, founder of the defunct crypto issuer Terraform Labs, have requested a U.S. court to dismiss charges brought against him by the SEC, citing lack of jurisdiction among other reasons, according to court filings from Friday. Kwon has been on the run since the collapse of his cryptocurrency enterprise in May 2022 and was recently arrested in Montenegro for attempting to travel with falsified documents.

Terra Classic, the renamed native token of Terra that dramatically imploded last year, is not a security, according to Korean court rulings.

Terra Luna Classic (LUNC), a blockchain that rebranded from Terra chain following last year's collapse, has attracted the attention of global regulators. With Do Kwon already under custody, the attention has significantly shifted to regulating the industry to curb such incidents in the future.

The SEC cannot regulate digital assets involved in the case as the UST stablecoin is a currency, not a security, lawyers for the disgraced crypto executive said.

Terraform Labs co-founder, Kwon Do-hyeong, will appear in a court in Montenegro in connection with charges of attempting to travel using a fake passport. The news was broken by the court website in Podgorica, the country's capital.

Do Kwon will appear in court in Montenegro on May 11 on allegations of trying to travel with a forged passport.

In a court filing last Friday, lawyers for Terra (CRYPTO: LUNA) cofounder Do Kwon asked a judge to dismiss the U.S. Securities and Exchange Commission's lawsuit against the disgraced crypto CEO, asserting that the regulatory agency's accusation of securities fraud was unfounded because the stablecoin at issue is a currency, not a security. Kwon's attorneys said U.S. law prohibits regulators "from using federal securities law to assert jurisdiction over the digital assets in this case," according to Bloomberg.

Do Kwon, co-founder of Terraform Labs, has defended himself against allegations of fraud from the US Securities and Exchange Commission (SEC). Kwon's lawyers have requested the dismissal of the lawsuit, claiming that the SEC's allegations are unfounded and that US law prohibits regulators from asserting jurisdiction over the digital assets in question.

Terraform Labs co-founder, Do Kwon, is fighting allegations that he defrauded US investors by illegally offering unregistered securities. On April 21, Kwon's legal team asked the judge to dismiss the lawsuit filed against him by the US Securities and Exchange Commission (SEC), arguing that the SEC's accusations were baseless.

Attorneys defending the co-founder of Terraform Labs, Do Hyeong Kwon, also known as Do Kwon, have presented their argument that says the U.S. Securities and Exchange Commission (SEC) has no jurisdiction in the matter. The legal team asserts that U.S.

Terraform Labs co-founder, Do Kwon's lawyers have argued in court against the SEC's lawsuit for illegally offering unregistered securities. The lawyers claim the SEC's acquisitions are unfounded and that the stablecoin in question is a currency, not a security.

Terraform Labs co-founder Do Kwon's lawyers argued in a U.S. court that SEC's lawsuit against the firm should be dismissed.

Lawyers representing Do Kwon have requested a New York Judge to dismiss the securities fraud lawsuit filed by the SEC. The lawyers argued that there were no securities involved in the matter.

Do Kwon, the recently arrested CEO of Terraform Labs, denies that he defrauded investors, and says that SEC allegations are unfounded. Do Kwon is denying SEC allegations that he defrauded his investors by selling Terra, his blockchain platform.

Kwon's lawyers claimed that the SEC failed to prove the alleged defrauding of US investors in connection with Terra's $40 billion collapse of TerraUSD (UST) and Luna (LUNA).

Lawyers of Do Kwon say SEC's lawsuit accusing him and Terra of securities fraud is baseless, partly because the stablecoin is being mentioned as currencies.

Disgraced crypto entrepreneur Do Kwon is embroiled in new legal trouble as authorities in Montenegro formally charged him with a case of forgery. According to a new report from Bloomberg, Montenegrin prosecutors filed an indictment for the Terraform Labs co-founder and his chief financial officer Han Chang-Joon for allegedly forging personal documents.

Validator Allnodes favors the controversial Proposal 11479 by the Terra Rebels developer group, while the Terra Classic community remains divided on providing funds for the Rebel Station. The community believes Terra Rebels mismanaged funds provided earlier for the Rebel Station and caused FUD that caused LUNC price to fall massively.

Crypto fugitive Do Kwon is due for an extended stay in Podgorica's most crowded prison.

Nearly a month after Do Kwon's arrest by Montenegro law enforcement, local prosecutors have now indicted the co-founder and CEO of Terraform Labs. The decision to indict Kwon is likely to delay attempts to extradite him to South Korea and the United States where he faces several charges.

After detaining Terra co-founder Do Kwon in late March, prosecutors in Montenegro reportedly issued the indictments.