The probe into Terraform Labs by South Korean prosecutors is taking a whole new twist as watchdogs are making consultations on how best to classify the collapsed LUNA tokens - now known as Luna Classic (LUNC).
As reported by the Korean Herald, the Seoul Southern District Prosecutors Office’s Financial and Securities Crime Joint Investigation Team is consulting with industry stakeholders to determine the best designation for LUNA coins. Should the consultation lead to the recognition of the coin as a security, it will complicate the ongoing case for Terraform Labs as it will now also be violating the Capital Markets Act.
The collapse of Terraform Labs’ associated tokens, including LUNA and the algorithmic TerraUSD (UST) stablecoin back in May effectively ushered in the first wave of the crypto winter. With the plummeted prices, companies who had exposure to the assets suffered such financial challenges that many, like Three Arrows Capital (3AC), could not recover from.
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