Seoul Prosecutors to use Ruling in XRP Case in Terra Luna Lawsuit

• South Korean prosecutors plan to leverage the recent decision in the SEC and Ripple case against Terraforms Labs.
• A report from a local news outlet reveals that the prosecutors have obtained a translated copy of the ruling in Ripple’s case.
• The prosecutors believe the ruling of Judge Analisa Torres that Ripple is not a security unless offered to institutional investors could help prove its case against Luna.

South Korean prosecutors investigating the Terra-Luna collapse plan to use the court ruling in the SEC v Ripple case to prove the securities status of Luna. The Terra-Luna collapse, which wiped out over $40 billion, prompted many investigative actions against the company and its co-founders, Kwon Do-Hyung and Shin Hyun-Seung.

According to South Korea’s Maeil Business News, Seoul prosecutors have secured a translated copy of the Ripple case decision, which they plan to tender in court. Notably, the prosecutors believe that Judge Analisa Torres ruling that XRP itself is not categorized as a security unless sold to institutional investors would help prove its case against Terraforms Labs.

The prosecutors plan to leverage this distinction to counter cl…

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