South Korean prosecutors investigating the collapse of Terra-Luna are looking to submit the recent U.S. ruling on Ripple cryptocurrency to a Seoul court to prove Luna is financial security, according to a spokesperson for the prosecutor’s office. The prosecutors plan to use the ruling to demonstrate that Terraform Labs’ Luna cryptocurrency constitutes an unregistered offering of financial securities. Co-founders Kwon Do-hyeong and Shin Hyun-Seung are facing charges, including fraud and unregistered offerings of financial securities. Kwon is currently detained in Montenegro for attempting to travel with forged passports.
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